Phoenix City Employees' Retirement System started an asset allocation...

Phoenix City Employees’ Retirement System started an asset allocation study after voters approved a referendum allowing the prudent-investor rule to be used in managing the $1.3 billion pension fund. Trustees, at last month’s board meeting, gave consultant Becker Burke directions on conducting the study. The current asset allocation is 55% domestic stocks and 45% domestic bonds, said Duamel Mellon, plan administrator. He expects the study to be completed in the next three to five months.