Excerpt: Recommendation. The Government Finance Officers Association (GFOA) recommends that fiduciaries adhere to the following best practices regarding investments: 1. Pension fund fiduciaries should establish a written investment policy that lays out formal policies and procedures to regulate and monitor the system's investment program. The investment policy should: establish the objectives of the investment program; define acceptable risk; establish liquidity requirements at a level that does not compromise the system's cash flow needs; describe diversification requirements; comply with applicable state and local statutes.

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