DeKalb County Employees Retirement System, Decatur, Ga., reduced its fixed-income target as a result of a recent asset-liability study, said Scott Brown, spokesman at Callan Associates, the $1.4 billion pension fund's investment consultant.
The board voted at its July 17 meeting to reduce its target to domestic fixed income to 25% from 30% per Callan's recommendation.
Callan has also recommended reducing domestic equities to 44% from 60% and increasing the target to international equities to 28% from 10%. The board has tabled those recommendations at this time, Mr. Brown said.
In the interim, Mr. Brown said the domestic equity target is increased to 65%. He did not say whether any hires or terminations are possible.
As of June 30, the pension fund's actual allocation was 64% domestic equities, 24.9% domestic fixed income, 9.9% international equities and 1.2% cash.
Phone calls to Edmund J. Wall, pension board chairman; Gwen Brown-Patterson, the county's interim chief financial officer and pension board member; Lee N. May II, the county's interim CEO and pension board member; and Jelani Hooks, pension board clerk, were referred to Mr. Brown.