Pension fund drops target allocation from 22% to 17%: Orange County Employees Retirement System (OCERS) is reducing its allocation to real assets as it winds down its timber investments. The pension fund said in a board meeting report that it would look to lower its real assets target weighting from 22% to 17%. The reduction is due to its decision to eliminate its exposure to timber and to move its agriculture allocation to zero. The pension fund’s allocations to real estate, energy and infrastructure will remain the same at 9%, 5% and 3%, respectively.