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Federated retirement board adopts revised investment policy statement after extended review
Summary
Trustees approved a streamlined Investment Policy Statement that moves implementation details to a separate procedures document, clarifies delegation of manager benchmarks to staff, and sets a regular asset-allocation review cadence.
The Federated City Employees Retirement System board on June 26, 2025, approved an updated Investment Policy Statement (IPS) that trims highly prescriptive language, relocates implementation details to a separate procedures document and clarifies who sets benchmarks for individual managers.
Board members and outside consultants said the new draft seeks to make the governing document higher-level and more durable while preserving the board’s ultimate authority over strategic policy.
Consultant Eileen said the team “abbreviated the language to focus on the most important, which was the fact that you maintain the decision for setting the strategic asset allocation policy.” She told trustees the revisions move delegated authorities (manager implementation items) into an implementation procedures document so the IPS remains a clear, governing-level statement.
The revisions also change how frequently the board…
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