Updated with correction
Proposals will be sought for one consultant to perform both duties or for two firms, one for each role, Mr. Atwood said.
Marquette Associates, incumbent for both tasks, can rebid, Mr. Atwood said. Its contract expires Nov. 30.
“This won't be a check-the-box RFP,” Mr. Atwood said. “We want to see what the marketplace has to offer.”
ISBI is conducting the search because state statute requires rebidding for vendors every five years, Mr. Atwood said.
The $11.6 billion pension fund plans to post the RFP on its website.
Proposals will be due Dec. 14 and ISBI plans to make a decision March 22, Mr. Atwood said.