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El Paso pension trustees approve $12 million rebalance, authorize RFP and form executive-selection committee
Summary
The board voted to sell $12,000,000 from a Mellon Acquiax U.S. index to increase fixed-income holdings, authorized an RFP to review investment policy, approved a temporary leadership resolution, and authorized a selection committee to assist in hiring the next executive director.
The El Paso City Pension Trust board approved a package of administrative and investment actions after consultant briefings.
Rebalancing plan (Item 8): The board approved a rebalancing plan to restore compliance with the investment policy statement by raising $12,000,000 from the Mellon Acquiax U.S. index to redeploy into fixed income. The motion to "approve the asset rebalancing plan as prepared by Cowen and recommended by the investment committee" was introduced by a trustee (motion maker recorded in the transcript…
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