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Staff: pension plan has liquidity to meet three years of pension payments under stress scenarios
Summary
Investment staff and the liquidity team presented an annual liquidity review, reporting improved liquidity scores after rebalancing, use of a $600 million credit facility if needed, and stress-test results that show a liquidity coverage ratio above 1.0 in severe scenarios.
Staff presented the retirement system’s first annual liquidity management update, explaining the models and contingency plans the fund uses to ensure it can meet benefit payments, capital calls and rebalancing needs in a stressed market.
Anna (liquidity lead) and Kevin (analytics) said the team used three complementary approaches — Wilshire liquidity scoring, scenario-based stress tests and probabilistic simulations developed with Cambridge Associates — to measure near- and medium-term liquidity. Staff reported it raised more than $2.3 billion from public equities and absolute-return allocations during 2024…
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