It takes a lot of people, and a lot of work, to manage nearly three billion dollars in assets for the Municipal Employees’ Pension Plan (MEPP), but the Public Employees Benefits Agency (PEBA) is making sure that you are covered. Meet Investment Services, the team behind the scenes.
Investment Services is a team of 13 with two areas of focus (Investment Operations and Investment Management). Investment Services was established in 2006-2007 to provide in-house expertise on all things investments for PEBA. The unit helps administer assets of the pension and benefits programs within PEBA, including MEPP. Their job involves research, interviews, monitoring, analysis and all the behind-the-scenes work that is less than glamorous but absolutely necessary. They are part caretaker, part teacher, and are instrumental in overseeing all aspects of the Plan’s investments.
Investment Services sets some of the groundwork for the Municipal Employees’ Pension Commission (Commission) to hire service providers such as the custodian, investment consultant and investment managers. Investment Services researches and interviews candidate firms, and makes recommendations to the Commission before the service providers are hired.
Investment Services is the primary contact with investment service providers. This contact ranges from implementing the Commission’s decisions to coordinating movement of investments between investment mandates. Investment Services helps to monitor the service providers’ performance, and ensure that investment policies are followed.
The team has the education and knowledge to help guide Plan investment policies and decisions. Just as important as having the knowledge is passing it along to others; Investment Services does that too. Pensions and investments are a complicated business, even for the staff of a pension plan. Investment Services shares their knowledge with staff and members.
Investment Services helps manage where MEPP assets are in the markets by implementing the Commission’s strategic decisions regarding how much should be in equity, fixed income, and alternative asset classes, but also in recommending what investment firms to engage to manage specific investment mandates for the Plan. The staff of Investment Services makes sure our investment service providers are doing their jobs and following the rules set out for them, and also help members better understand their investments.
Investment Services, and all of PEBA, work for a better MEPP.