New Orleans Municipal Employees' Retirement System
The City of New Orleans Employees' Retirement System was established and placed under the management of the Board of Trustees and supported by a full-time staff for the purpose of providing retirement allowances and death benefits for all officers and employees of the city and the parochial and judicial officers and employees of parish. The retirement system is a defined benefit plan as defined by Section 401(a) of the Internal Revenue Code. The original effective date of the retirement system is July 1, 1947.
Current Fund Status
NOMERS Retirement Fund (Unaudited)
Total Fund Value (as of June 30, 2014)
1 Year Performance
New Orleans Makes Large-Cap Core Hire; Terminates 2
From FINdaily, July 21, 2014
The $373 million City of New Orleans Employees Retirement System has hired Cornerstone Investment Partners as its new domestic large-cap core equity manager, Executive Director Jesse Evans, Jr. said, in an e-mail.
Cornerstone, which will handle $26 million for the plan, was selected at a board meeting last week over finalists Rothschild Asset Management and Dana Investment Advisors (fin|daily, 6/17; 6/2).
The plan began a search with the assistance of general investment consultant The Bogdahn Group in January (fin|daily, 1/15).
The plan also hired passive manager Vanguard Group to handle $17 million in a Standard & Poor's 500 Index fund and $26 million in an extended market equity index, Evans said.
Lastly, the plan also approved terminating domestic all-cap growth manager Calamos Investments from an approximately $28 million portfolio and domestic mid-cap growth Goldman Sachs Asset Management from a roughly $13 million portfolio at the meeting.