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
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.