The Board of Trustees (“Board”) is authorized to invest and reinvest the Trust Fund (“Fund”), formulate investment policies, develop investment manager guidelines and objectives, and approve the retention of qualified consultants and investment managers.
The Statement of Investment Policy provides the framework for management of the Fund and outlines the investment portfolio’s long-term objectives, policies, asset allocation, and investment manager guidelines. ERS assets are invested to obtain an appropriate long-term total return consistent with prudent risk management.
Diversification across asset classes is utilized to minimize risk and protect against volatility within the financial markets. Each investment manager have guidelines which outline objectives, benchmarks, and authorized investments. The Board reviews each manager’s performance against these guidelines during the quarterly reviews with the investment consultant.