Public Employees' Retirement Board, Department of Administration, Financial Audit for the Fiscal Year Ended .. 2005

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The invest- ment policies are reviewed on an annual basis and the investment options are re- viewed at least annually by a third party.
In the review, each investment alternative is compared to its peers and the appropri- ate benchmark. In addition, each invest- ment alternative is reviewed for other in- A-24 dicators including, but not limited to, style drift, duplication, fund manager or other organizational changes. Investment alternatives that are determined to have a sub-standard performan
...ce rating or other negati\e indicators may be recommended for probation or termination. Investments are reported at fair value as of June 30, 2005.
The following are the PERB summaries of the BOI's fiscal year end statements, the PIMCO/SSKC contract and a state- ment about the vanable investments.
STIP portfolio may include asset-backed securities, commercial paper, corporate and government secunties, repurchase agreements and variable-rate (floating- rate) instruments. These securities pro- vide a diversified portfolio earning a competitive total rate of return.


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