1. Investment Objective and Policy Statements- The Respondent awarded the contract (“Consultant”) shall review the Investment Policy Guidelines and Objectives Statement for the MERP (“Investment Policy”). The Investment Policy details the priorities, investment alternatives and acceptable asset classes while providing specifications for investment quality, liquidity and risk. Time horizons and any minimum performance objectives should also be reviewed. The Consultant will conduct an annual review of the Investment Policy and recommend relevant changes. 2. Asset/Liability Study- The Consultant shall conduct a full asset liability study in 2025 that integrates the current actuarial valuation with alternative asset mixes. The evaluation will relate the requirements of the fund (cash flows, contributions and disbursements based on annual actuarial valuation and assumptions) to the asset allocation and investment manager selection decisions. Future asset liability studies anticipated in 5-year intervals. 3. Portfolio Construction/ Asset Allocation Updates- Consultant shall annually review the fund’s asset mix, based upon agreed investment objectives and policy statements, and make recommendations on an appropriate range of mixes for the fund. Factors that shall be considered are cash flow forecasts, estimates of asset class investment returns and inflation, potential changes in actuarial assumptions, risk, and comparisons to similar pension funds...
