Contra Costa County Employees’ Retirement Association, Concord, Calif., is giving its chief investment officer the authority to approve investments of up to $100 million, said CEO Gail Strohl in an e-mail.
The $6.9 billion pension fund’s board approved the change to its investment policy at its May 4 meeting.
Ms. Strohl said the board retains veto authority before signing off on contract agreements.
“This change will allow the board to have more time to spend on critical policy and process issues as well as allow for a higher level of decision-maker accountability,” she said.
Investment consultant Verus Advisory recommended the change from the current policy, which requires all hires to be approved by the board. Timothy Price is the pension fund’s CIO.