PBGC’s board quietly issued a temporary investment policy reducing the agency’s equity exposure to about 30% from 37%.
The policy was changed last month, but wasn’t made public until the PBGC’s annual management report for fiscal 2009 was released Nov. 13.
That report said of the $54 billion available for investment as of Sept. 30, 60% was in cash and fixed income, 37% was in equities and 3% was in other assets, including alternative investments inherited from plans the PBGC oversees.
PBGC spokesman Jeffrey Speicher declined to comment on additional details.
In May, the PBGC board said it had suspended a Bush administration investment policy adopted in February 2008. That policy was suspended after ex-Director Charles E.F. Millard was accused by the agency’s inspector general of making inappropriate contacts with managers before they were hired.
No timetable was given for when a permanent policy would be set.
