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Council approves pension investment policy changes; real estate allocation cut in half
Summary
The council approved an amendment to the salaried-employee pension plan's investment policy to reduce the real estate allocation from 10% to 5% and reallocate the difference to U.S. equities and private equity.
The City Council on Sept. 9 approved a resolution amending the investment policy statement for the salaried employee pension plan. The pension board recommended the changes and Marquette Associates — the plan’s investment consultant — presented the amendments to council.
Tom Latsky of Marquette Associates told the council the principal change is a reduction of the target allocation to core real estate from 10% to 5%.…
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