Illinois Municipal Retirement Fund to do asset allocation/liability study
By Barry B. Burr | March 12, 2013 2:45 pm
Illinois Municipal Retirement Fund, Oak Brook, will undertake an asset allocation/liability study for its $28.8 billion pension fund, said John Krupa, IMRF spokesman.
Callan Associates, the pension fund's investment consultant, is taking the lead on the study, and Gabriel Roeder Smith, the fund's actuarial consultant, is assisting, Mr. Krupa said.
The IMFR plans to begin the study in late spring or early summer. The IMRF board expects to review the results of the study in August.
Mr. Krupa said it is too early to tell what, if any, new asset classes the study might evaluate or whether allocation or manager changes might ensue.
The pension fund's last asset allocation/liability study was conducted in 2008.
The pension fund's asset allocation as of Jan. 31 was 42.3% domestic equity; 29% domestic fixed income; 20.5% international equity; 4% alternatives, consisting of hedge funds of funds; 2.9% real estate; and 1.3% cash.
Its current target allocation is 38% domestic equity, 29% domestic fixed income, 20% international equity, 6% alternatives, 6% real estate and 1% cash.