How are contributions to the ERS invested and are the assets protected?

The Board of Trustees selects professional investment managers who invest the assets of the ERS. The Board of Trustees sets the investment policy and guidelines as well as oversees the investment managers to ensure the investment objectives are met. The ERS’ custodian bank holds plan assets for safekeeping and serves as the official book and record for investment transactions and valuations. Staff account for all the assets and payments of the ERS. An independent accounting firm audits the ERS every year. The ERS has received the highest possible evaluation for its accounting and internal controls.