Joseph Pelayo

ARMB seeks to achieve their expected long-term total return, as determined by the actuarially required rate of return, while minimizing risk as determined by the projected standard deviation of the range of potential future returns. Annually, the Board analyzes a wide array of asset classes, examining expected returns and risk parameters. The asset allocation policy identifies target allocations to the classes of assets invested in and the ranges within which each can fluctuate as a percent of the total portfolio for each plan.