West Virginia Investment Management Board, Charleston, will complete its move into equities in six months, according to T.J. Carlson, chief investment officer. The $6.8 billion system, which includes state operating funds, was banned by state law from equity investments until a few years ago. The board now has 50% of its total assets in equities; its target is 60% equities in six months.
Meanwhile, the states plan to sell $4 billion in pension obligation bonds to retire the funds unfunded liability is on the back burner because of high interest rates, said H. Craig Slaughter, executive director. The administration is saying they are still committed to doing it when and if interest rates make sense, he said.