The Employees Retirement System of the State of Hawaii’s (Hiers) started the move from a traditional financial allocation model it has practiced before and after the financial crisis to a risk-based allocation at the end of 2014, when around 5% of its allocation was to covered calls, according to Vijoy Paul Chattergy, chief investment officer of Hiers. Chattergy was speaking on a panel convened at the CBOE Annual Risk management Conference in Carlsbad, California at the beginning of this month: