Tucson (Ariz.) Supplemental Retirement System is conducting an asset-liability study, said Allan Bentkowski, investment manager of the $650 million pension fund.
The study is being conducted because it has been five years since the previous study, Mr. Bentkowski said. Callan Associates, the pension fund's investment consultant that was hired in May, will conduct the study.
Callan will work in conjunction with the pension fund's actuary Gabriel Roeder Smith, which is conducting an experience study for the pension fund. The two firms will make initial presentations at the pension fund board of trustees' annual retreat Nov. 7. Mr. Bentkowski anticipates the study will be complete by February or March.
No specific asset classes are being considered.
As of Aug. 31, the pension fund's target allocation was 61% equities (both domestic and international), 26% fixed income, 8% real estate and 5% infrastructure. The actual allocation, also as of Aug. 31, was 62.9% equities (both domestic and international), 23.1% fixed income, 7.7% real estate, 6.2% infrastructure and 0.1% cash.
