FundFire: $29B Fund's 'Aggressive' New Investment Plan Spurs Total Policy Rewrite

June 14, 2018

The $28.5 billion Employees Retirement System of Texas (ERS) is looking to completely rewrite the document that governs its investment program after changing up its investment strategy and finding that its current policy has grown unwieldy and may be hindering its staff from properly implementing some prescribed changes.

There is no rigid set of guidelines for how a pension should craft its IPS, says Bill Bogle, chief compliance officer at NEPC. Instead, plans should decide how much risk they want to take on. With a more rigid plan, there may need to be more rebalancing to stay on track, while a broader policy allows for more leeway, Bogle says.

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