Merced County pension fund issues consultant RFP

Merced County (Calif.) Employees' Retirement Association is searching for a general consultant, confirmed Maria Arevalo, plan administrator.

Incumbent Milliman is invited to rebid; it has been the $520 million pension fund's consultant for the last 10 years.

The RFP was issued as part of the pension fund's fiduciary due diligence, Ms. Arevalo said in a telephone interview.

The pension fund has an asset allocation of 34% fixed income, 29% domestic equity, 24% international equity, 8% real estate and 5% alternatives.

The RFP is available on the pension fund's website. Proposals are due at 5 p.m. PST Nov. 26. Up to three finalists will be selected on Jan. 8. A final hiring date has not been determined, Ms. Arevalo said.

Separately, the board hired Mellon Capital Management to run $25 million in its tangent added strategy, which seeks to outperform the S&P 500 by allocating among U.S. stocks, Treasury bonds and cash up to a maximum 150% long exposure.

Funding comes from reducing domestic large-cap growth and value equity index funds managed by Mellon Capital.