Colorado Public Employees Retirement Association, Denver, may change its asset allocation model, said Katie Kaufmanis, director of communications. Following a recent asset-liability study conducted by Barclays Global Investments, officials at the $26 billion pension plan concluded that its equity allocation 83%, when "equity-like real estate and alternative investments are added to the 62% of assets in equities is high and perhaps should be reduced, she said. The board at its Sept. 9 meeting will review new models that would reduce the amount by three, eight or 13 percentage points, she said. If the board does decide to change the asset allocation model, the process would be gradual, taking up to five years, she said. The funds current allocation is 48% domestic equity, 14% international equity, 11% alternatives, 11% real estate, 8% domestic fixed income, 4% cash, 3% international fixed income and 1% timber.