Diversity law proposed for DC pension board

The bill would require the District of Columbia Retirement Board to report annually on its efforts to hire diverse fund managers.

The District of Columbia Retirement Board will be legally required to report on the diversity of its asset managers if a bill is passed.

The Diversity in Fund Management Amendment Act of 2017 would require DC public pension funds to take steps to increase the number of women and minority-owned firms they hire.

It would make the District a member of the Diverse Asset Managers Initiative, an organization which encourages institutional investors to broaden their manager picks.

The DCRB has a 10 percent allocation to alternative assets, across private equity, real estate and infrastructure, amounting to $749 million.

The bill is currently under review by the Council of DC. It would have to pass two readings of DC’s Committee of the Whole and be approved by the Mayor. It also has to be reviewed by the federal Congress.