“Everything has to be together. We don’t want to say who’s coming in. It is like one whole pie. We can’t just slice,” said Igisomar who declined to provide specifics as to the number of managers to be let go or hired.
He said the process of transitioning to the new money allocations may take about three months.
“The current asset allocations and strategy were based on returns of approximately 7 to 10 percent range.”
He said the new allocation is targeting about the same percentage, but it will be more spread out.
He said the Fund may be heading in the direction of allocating for equities and its various types — U.S. and non-U.S. equities and fixed incomes.
Fund Administrator Richard Villagomez, for his part, reported a rosy outlook for the pension agency’s investments with current market value at $328 million.
The current return for the month, he said, was 2.6 percent; fiscal year to date return was 15.41 percent; and calendar year to date return was 7.42 percent.
“It’s a generous market,” said Villagomez.
Despite the good market returns, Villagomez advised the board that the Fund may still need to exceed its budgeted drawdown for the current fiscal year.
Last month, Villagomez also told the board that they were anticipating to exceed the $54.2 million authorized drawdown by about $800,000 due to weak collections.
As of April 19, the Fund had already withdrawn $29.7 million leaving the drawdown balance fund at $24.4 million.
The Fund has yet to collect employer contributions from various agencies with $33.9 million receivables as of Feb. 28.
The Fund is also looking at collecting from the judicial building fund and the Public School System.
The Judicial Building Fund, Villagomez said, remains to be funded as required by the agreement between the central government-judiciary and the Fund.
The $13.8 million loan agreement called for a three-month reserve of $118,000 per month in that reserve account which the Department of Finance has yet to fund.
Villagomez reported to the board that he and legal counsel Christopher Timmons are going to meet with the chief justice to discuss this issue.
PSS, too, has yet to make a payment plan regarding its lease and utilities.
Recently, PSS made a $50,000 payment but it owes the Fund $180,000 for six months rent and $63,000 in utilities.
Igisomar said PSS made a new lease offer and the Fund made a counter-offer.
PSS was requesting a reduced lease rate of $1 per square foot, he added.
Last month, the board decided not to renew the lease unless PSS paid in full what it owed the Fund.
The lease expired last month, but the Fund board gave PSS a two-month extension to work out a payment plan.
Variety tried but failed to get a comment from Board of Education Chairwoman Marylou S. Ada.
