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ISERS board adopts small policy tweak, hears presentations from fixed‑income managers
Summary
The Imperial County Employees' Retirement System board approved a minor change to its investment policy to formalize a 1% cash target and a separate TIPS allocation, and received performance and market outlook presentations from Income Research & Management and MacKay Shields.
The Imperial County Employees' Retirement System board voted Feb. 19 to amend its investment policy to show a 1% cash target and to separate a TIPS allocation from core fixed income. Trustees approved the change after hearing presentations from two fixed‑income managers and a portfolio consultant.
The change moves 1% of the plan's target allocation from TIPS to cash and adds an explicit 1% cash line to the policy, staff said. Board counsel and staff framed the adjustment as an administrative clarification to align the written policy with how the fund is managed today.
Why it matters: staff and consultants told trustees that while the plan's long‑term target return remains unchanged, liquidity will become more important as the system matures. Consultants showed that a…
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