The Los Angeles Water & Power Retirement Plan (WPERP) has dropped Capital Resources as its investment consultant as it prepares to conduct an asset liability study (ALS) later in the year.
Duamel Vellon, retirement plan administrator at the $6.2bn defined benefit (DB) plan, confirmed that Capital Resources had reapplied for the position, but declined to comment on why it was dropped. Vellon did confirm however that the fund's board had narrowed the final shortlist to two consultancy firms.
One of the first tasks awaiting the new WPERP's investment consultant will be to assist with its upcoming asset liability study (ALS). Vellon said the ALS is scheduled to begin at the end of the third quarter.
The WPERP is a DB scheme covering the Los Angeles Department of Water & Power's (DWP) 7000-plus workers. The DWP, the largest municipally-owned utility in the United States, makes annual contributions to the WPERP as determined by the fund’s actuary. As a minimum, the DWP is required to match 110% of the employee contributions.
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