WASHINGTON, D.C. (Press Release) — The Trust Fund Committee of the Trust Fund for the People of the Federated States of Micronesia conducted its fiscal year 2017 fourth quarter meetings on Sept. 1 in Honolulu, Hawaii.
An education session covered presentations regarding investment oversight, portfolio design and asset selection; calculation, reporting and payment of investment fees; and a review of the fund to fiscal year 2023 and beyond, including a distribution analysis. The presentations were made by Mercer Investment Management and the Trust Fund’s Executive Administrator.
The business meeting followed the education session. Mercer presented the quarterly investment review (April-June) and updates to July 31. The committee approved the fiscal year 2018 operating budget, approved a service agreement with the fund’s accounting firm and the fund’s audit firm, and extended the contract of the executive administrator.
The committee members represent the governments of the Federated States of Micronesia and the United States. The next quarterly meeting is scheduled to take place in November.
As of Sept. 30, 2016, assets of the Trust Fund for the People of the Federated States of Micronesia were valued at $466,938,730.
As provided for under the Compact of Free Association agreement, as amended (U.S. Public Law 108-188), the trust fund was established to contribute to the economic advancement and long-term budgetary self-reliance of the people of the Federated States of Micronesia when annual grant assistance under the Compact expires after fiscal year 2023.
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