Anne Arundel Retirement Systems, Annapolis, Md., will begin an asset-liability study near the end of the month, said John Hammond, budget officer and investment committee chairman. The investment committee of the $1.3 billion system conducts such studies annually, he said. It should be completed in the fall. New England Pension Consultants is assisting.
The plan's asset allocation is 28.7% domestic midcap and large-cap equities, 14.2% domestic core fixed income, 13.7% international equities, 11.8% domestic small-cap equities, 6.3% high yield bonds, 6% global bonds, 4.9% general insurance, 4.4% emerging market equities, 3.8% real estate equity, 3.5% cash and short-term assets, and 2.7% alternative investments.