Judicial Retirement System
The Treasurer of State is responsible for the investment of the judicial retirement fund as directed by Iowa Code chapter 602.9111. The Treasurer also designates and monitors a master custody institution that holds securities, settles investment transactions, collects income, and maintains portfolio accounting for the judicial retirement fund.
The Treasurer establishes the investment policy for the fund and hires investment management firms to invest money of the fund. The Treasurer sets guidelines for these investment managers and reviews the managers' performance and compliance on a regular basis.
The fund is invested in equities of domestic corporations, domestic and foreign fixed income securities, real estate, and cash equivalents as permitted in Iowa Code Section 602.9111(1). The target asset allocation as of February 2008 is 40% in U.S. stocks/equity, 25% in fixed income, 25% in international equity, 5% in real estate, and 5% in hedge funds. The market value of judicial retirement fund investments was $98,740,317 on December 31, 2007.
