El Paso pension trustees hire RVK, amend IPS and move to terminate AllianceBernstein as part of a rebalancing

The City of El Paso Employees Retirement Trust on a series of unanimous votes approved hiring RVK Inc. for a $50,000 triennial review of investment practices, amended its Investment Policy Statement (IPS) to change domestic equity structure and private‑equity benchmarking, and authorized termination of an underperforming AllianceBernstein strategy with a linked rebalancing plan.

Trustees voted to select RVK to conduct the statutorily required investment practices review, a $50,000 engagement that staff said will start in January with a report expected in April. Robert Ashe, the trust’s executive director, told trustees the state statute in section 802.109 requires a third‑party review every three years and that two firms responded to the RFP (ACG and RVK); the investment committee recommended RVK.

The board then approved amendments to the IPS proposed by consultant Callan. The key changes delete references to a…