sand castles
Just Thursday, the Arizona Daily Star reported that a tract of land near Tucson for which the fund paid $27 million in 2006 is about to be sold for $7.5 million. The fund has spent millions more on the property since its purchase.
Just Thursday, the Arizona Daily Star reported that a tract of land near Tucson for which the fund paid $27 million in 2006 is about to be sold for $7.5 million. The fund has spent millions more on the property since its purchase.
The system aims to achieve an annual return of 8.5 percent to meet its obligations to the families of 9,200 active and retired police and firefighters. That’s higher than most other funds. Pension officials for years have said that return cannot be achieved with traditional investments in stocks and bonds alone.
Humphreys was asked Thursday if that 8.5 percent target is ever achievable.
“I wouldn’t say ever, but over the next five to seven years, it’s going to be a stretch,” he said.
While Tettamant’s departure could mark a significant turning point for the fund’s investment strategy, the fund also appears headed for a change in public relations strategy. Board members voted Thursday to end the fund’s relationship with Spaeth Communications, which has long handled its PR.
One trustee wondered how the fund will handle communications while it looks for a new firm.
“I don’t know if we could do any worse,” said trustee and City Council member Lee Kleinman.
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