Milwaukee City Employes' Retirement System is conducting an asset-liability study, said David M. Silber, chief investment officer, in an email.
Callan, the $5.8 billion pension fund's investment consultant, is conducting the study due to a policy of completing such studies every three to five years, Mr. Silber said.
Callan is expected to present six potential asset allocation mixes to pension fund's investment committee at its May 4 meeting, and Mr. Silber said the committee might approve a new mix at that meeting or request further information to present at a future meeting.
He did not say whether any specific asset class changes are being considered as part of the study. The pension fund's board has already approved keeping its actuarial discount rate unchanged at 7.5%, Mr. Silber said.
The current target allocation is 23% fixed income, 19.8% domestic equities, 15.4% international equities, 13% real assets, 10% each absolute return and private equity, and 8.8% global equity.
As of Dec. 31, the pension fund's actual allocation was 43.2% public equities, 19% fixed income, 13.2% real assets, 13% private equity, 11.2% absolute return and 0.4% cash.
