Sutter Health, Sacramento, Calif., will begin asset allocation and asset-liability studies of its $400 million pension plan by May, said Diane A. Schnabel, director of employee benefits. Plan officials are enhancing employee benefits and want to make sure liabilities will be covered, and also have concerns about the marketplace in general, she said. The plans current asset allocation is 67% equity and 33% fixed income. Towers Perrin will advise.
Separately, plan officials hired Bank of New York to replace Deutsche Bank as custodian, Ms. Schnabel said. The made the change in part because BNY offered lower fees.