The Elevate Pension Board voted to recommend updates to the plan’s investment guidelines and benchmark allocations to the city council.

Consultants highlighted modest target changes: real estate target lowered to 5% while private equity target was increased to 7.5%. The changes also reflect a modest reduction in the plan’s overweight to U.S. small‑ and mid‑cap equities, bringing equity targets closer to the Russell 3000 composition.

A board member moved to recommend the revised guidelines to council; the motion received a second and was approved with all voting members recorded as in favor. The consultants noted that the addendum to the guidelines may change later if manager lineups are altered as a result of the ongoing manager search discussions.

One consultant emphasized that the benchmarks in the documents had been updated (MSCI replaced a previous benchmark referenced as Cambridge) and that the addendum had been cleaned up to remove asset classes the board does not use. The board directed staff to forward the recommended changes to the city council for formal adoption.