Nathan Magsig: Chairman of the Fresno County Retirement Association
This week, we are happy to have Nathan Magsig, the 2 term Mayor of Clovis is my guest! Nathan currently serves as chairman of the Fresno County Board of Supervisors, so he knows how to manage a Pension System and a City. He is more than just your “average” manager. A man of multiple talents and varied interests, Nathan has devoted his life in service of others. On this podcast, you will learn how he chairs the Fresno Retirement System; of course, we talk all about pension funds and the innovative ways to ensure our portfolio remains profitable. However, you will also get to know a very interesting person who cares about people. When he is not at the office working to make Fresno a better place, you can find Nathan cycling, camping, reading, and spending time with his family.
1:50 – What is life like for Nathan these days
- California started opening up some sectors
- Hospitals are severely impacted by the pandemic
- The priority is to spread the information about the importance of wearing mask, social distancing, etc
05:33 – The power of wearing a mask
- Wearing a mask has been shown to remove the spread of virus
- The doctors are asking us to do it and is a state mandate
- The virus does not discriminate – we need to all abide by the rule of wearing a mask
08:25 – Nathan’s role as the chairman of the Fresno County Board of Supervisors
- Being a chairman is a ceremonial title but every year, the board of supervisors rotate that position.
- He runs the meetings and agendas for the county
- He spent months putting a montage that highlights how wonderful the employees of Fresno County are and was very well received online
11:00 – Nathan’s role as the chairman of the Fresno County Employees Retirement Association
- As a supervisor, his colleagues appointed him to serve on Fresno County Employees Retirement Association which is their pension system
- He is a fiduciary as a trustee of their pension system
- He doesn’t vote on what’s in the best interest of the county per se
13:02 – The disruptions in the Fresno retirement fund caused by the pandemic
- At one point, their valuation went -20% in their portfolio that were expected to have a return of 6-8%.
- While there’s volatility, their pension fund is in a position where their funded status is around 82% – not the best, but not the worst.
- Despite the volatility, there’s always an opportunity – you must find it.
18:30 – The status of real estate in Fresno
- Residential real estate is booming right now in Fresno
- A lot of businesses that are in dense environments are now moving into suburbia.
- In commercial real estate, Nathan is overly concerned about brick and mortar locations. Different establishments already went bankrupt due to lock down.
23:20 – Calls for police reform in Fresno considering the current events
- There have been discussions on how law enforcers can engage the public in better ways
- There is always an opportunity to do better as law enforcers
24:40 – Fresno’s plan to continually employ teachers and make schooling work
- Their public health department is working with private school districts to make sure that safety measures are in place once school restarts
- Internet services is okay for 80% of the population but some communities are having trouble with internet.
28:27 – Nathan’s heart with public service and how he imparts it with his children
- He sets an example by what they see him doing
- Nathan makes sure that he spends quality time with his kids
- Family is still priority
30:45 – Nathan’s advice for other pension funds
- Nathan challenges pension funds to look inward and ask how to use a portion of the fund to build infrastructure, or solve other problems while making returns in the community