All of the CRF's fixed income assets as well as the State and State-related short-term assets are managed internally. The Common Retirement Fund's long-term portfolio is managed to broadly meet the cash flow requirements of the Retirement System's pension liabilities and to offset the volatility of the equity holdings. The CRF's short-term portfolio is used as a source of liquidity for monthly pension payments and to accommodate the disbursement and funding needs of the various investment units.
State funds are invested through a short-term investment pool (STIP). STIP was established in 1976 and was intended to maximize investment returns in a safe and secure manner, using the investment expertise of the Common Retirement Fund's investment staff. The investment objective of STIP is to obtain the maximum yield consistent with safety of principal and to develop a portfolio that emphasizes quality, diversity and marketability.