This report found that URS is transparent, but can take additional steps by disclosing individual employee compensation, designating a records officer, establishing time limits to respond to information requests, and better notifying the public of administrative board meetings. Also, URS' allocation of investments to alternative assets grew from 16 to 40 percent from 2005 to 2013, simultaneously reducing investment in equities and debt securities. Our investment consultant recommended that URS should consider reducing its alternative asset allocation over time. Fees from alternative investments are driving total operating costs higher, but evidence shows that these fees are well managed. URS board and staff are qualified to perform their fiduciary responsibilities. Finally, the defined contribution investment manager selection and retention processes are satisfactory.