Erie County (Pa.) Employees' Retirement System hired Morrison Associates as investment consultant to the $125 million pension plan, said Sue Weber, county controller. Morrison replaced Merrill Lynch, which rebid, Ms. Weber said. The plan launched a search after its board membership changed in January; new trustees wanted a consultant that was not also licensed as an investment broker, she said. Morrison is now reviewing the plan's investment policy; trustees have discussed looking for one or two managers, but that decision hasn't been finalized, she said. Further details were not available.
The plan's asset allocation is 60% equity, 40% fixed income.