# Los Angeles County Metropolitan Transportation Authority Non-Contract Employee Plan (NC)

Los Angeles County Metropolitan Transportation Authority Non-Contract Employee Plan (NC) is a Pension Fund based in Los Angeles, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Los Angeles, United States
- **Region:** North America
- **Address:** Los Angeles, CA, United States
- **Founded:** 1993
- **Assets under management:** Undisclosed
- **Website:** https://metro.net
- **LinkedIn:** https://www.linkedin.com/company/los-angeles-county-metropolitan-transportation-authority

## Regulatory record

- **Reports private funds:** No

## About

The Los Angeles County Metropolitan Transportation Authority Non-Contract Employee Plan (NC) is a defined-benefit pension fund covering the administrative and non-unionized workforce of LA Metro—the agency responsible for bus, light-rail, and subway operations across Los Angeles County. Established under California public agency pension law, the plan operates adjacent to the larger LACERA system that covers most county employees, but maintains its own actuarial liabilities and board-level oversight for non-contract participants. The plan's investment portfolio historically tracks a California public pension allocation model: large-cap US equities, developed-market international stocks, core fixed-income, and real-asset exposure through real estate and infrastructure funds. LA Metro pension disclosures show the fund participates in commingled institutional vehicles rather than issuing direct RFPs, meaning investment managers are typically selected through competitive procurement managed by the board's investment consultant. Geographic footprint concentrates in US public markets and OECD fixed-income, with opportunistic allocations to global infrastructure and private real assets. The fund's board oversees investment policy through a mix of internal finance staff and external consultant relationships. While total assets are not publicly itemized in LA Metro's comprehensive annual financial reports as a distinct pool, the plan is included in the agency's aggregate pension trust disclosures alongside the contract employee plans. Investment committee minutes reference a preference for low-fee passive vehicles and long-duration bond portfolios that match the plan's liability stream of retired LA Metro administrative professionals. What distinguishes the NC Plan from comparably sized California municipal plans is its position inside a specialized transit authority rather than a general city or county government. That structural niche means the plan's funded-ratio health correlates with LA Metro's dedicated sales-tax revenue streams—principally Los Angeles County's Measures R and M transit taxes—rather than a broader general fund. Succession risk and governance bandwidth remain concentrated in a small administrative team without the dedicated CIO infrastructure of the larger CalPERS or LACERA systems.

## Questions

### Who governs investment decisions for the LA Metro Non-Contract Employee Plan?

The plan's board of trustees oversees investment policy through a combination of LA Metro internal finance staff and an external investment consultant. The consultant recommends asset allocation ranges and manager selections, which the board approves in public meetings. Day-to-day administration is handled by LA Metro's treasury and finance division, not a standalone internal CIO office.

### What is the plan's funding status and what drives it?

The plan's funded ratio depends on LA Metro's dedicated revenue streams—primarily the voter-approved sales tax measures (Measure R from 2008 and Measure M from 2016) that fund transit operations and capital projects across Los Angeles County. Pension contributions come from agency operating budgets, not from a municipal general fund, which structurally ties pension health to transit-specific economic activity.

### Does the NC Plan make direct private equity or venture capital investments?

Public disclosures from LA Metro's investment committee meetings indicate the plan's portfolio favors commingled funds and separate accounts rather than direct co-investments or venture capital. Private market exposure, when present, tends to be through large institutional real estate and infrastructure funds rather than direct company stakes. The board prioritizes low-fee passive public-market vehicles for equity exposure.

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Last updated: 2026-06-03T20:00:00.000Z

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