Illinois State Universities Retirement System, Champaign, kicked off an asset-liability study for its $13.4 billion defined benefit fund, according to Daniel L. Allen, chief investment officer.
SURS’ last study was conducted in early 2008. Normally, the system’s practice has been to consider a study every three to five years, Mr. Allen said in an e-mail.
The system’s board expects the results of the study to be presented in June. Callan Associates, the systems investment consultant, is assisting.
The actual allocation of the defined benefit fund is 31.7% U.S. equities, 20.3% fixed income, 18% non-U.S. equities, 10.5% global equities, 8.1% private equities, 6.5% real estate, 3.7% Treasury inflation-protected securities, and 1.2% in an opportunity fund, representing new areas of investments.