The $6.2bn Los Angeles Water and Power Employees Retirement Plan (WPERP) will appoint a new investment consultant by the end of June.
Candidates will be shortlisted by June 10, and following interviews with shortlisted candidates, a contracts should be finalised by June 30.
The $6.2bn WPERP is a defined benefit scheme. The Los Angeles Department of Water and Power makes annual contributions as determined by the WPERP's actuary, and as a minimum is required to match 110% of the employee contributions.
At the start of the year, the WPERP asset allocation was as follows: US equities 60.4% ($3.8bn), bonds 29.2% ($1.8bn), and cash 10.4% ($0.6bn).
By Geoffrey Ho
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