Mendocino County Employees' Retirement Association, Ukiah, Calif., committed $7 million each to a RREEF commingled fund and the Dodge & Cox Stock mutual fund, said Tim Knudsen, county treasurer and retirement administrator. The $250 million plan funded the investments with proceeds of a pension obligation bond issued last year, Mr. Knudsen said. The real estate commitment is the plan's first, he said, the result of an asset allocation study completed in the spring. The plan in the first quarter will commit to its first REIT fund, which has already been selected, he said. He could not name the fund; the amount will be finalized next year, he said.
The plan's new asset allocation is 40% fixed income, 31% domestic equity, 19% international equity and 10% real estate. P. Chan & Co. assisted.