San Diego City Employees' Retirement System officials expect to conduct an asset allocation study this summer, said Dawne Clark, assistant investment officer of the $3.15 billion pension fund.
Separately, the fund is cooperating with an SEC investigation of the consulting industry that includes the fund's consultant, Callan Associates, and an investigation of one of the plan's sponsors, the city of San Diego, Ms. Clark said. The fund is not being investigated.
The SEC is investigating the city's alleged failure to disclose the pension fund's underfunded status in its bond disclosures, she said. San Diego County supervisors planned earlier in the year to issue $400 million in bonds this summer to cover part of its pension fund deficit. Currently, the city's portion of the fund is 65% funded; the funded status for rest of the fund is more than 90%.