Colorado Public Employees' Retirement Association, Denver, approved the creation of an internally managed cash overlay program, confirmed Katie Kaufmanis, spokeswoman for the $49 billion pension system, in an email.
The program, which the board approved the creation of on March 16, will be managed by existing PERA staff.
The new cash overlay program will be funded by existing cash and it will go into effect as soon as it is practicable, Ms. Kaufmanis said. It is designed to overlay available cash, including the cash asset class that is targeted at 1% of the total fund assets.
There was no existing external cash overlay manager before the creation of this program.
