In the AHS decision, the Court upheld the ACERA Board's fiduciary authority and discretion to maintain its longstanding Percentage of Payroll methodology for funding the retirement system.
The number of searches for the second quarter of 2023 decreased to 109 from 147 in the prior quarter, with 45% for service providers, followed by 36.7% for traditional managers and 15.6% for alternatives. Hiring activity declined to $58.4 billion from $69.6 billion in the previous quarter. Alternative hires totaled $41.5 billion, a slight increase from $39.9 billion in the prior quarter, partially offsetting a 11% decline in traditional hires.