Pennsylvania pension fund starts timber search

Updated with correction.

Pennsylvania Municipal Retirement System, Harrisburg, is searching for a timber manager to run $70 million, confirmed James Allen, secretary of the $1.6 billion pension fund.

State law requires that external manager services be put out to bid every five years. Current timber manager Forest Investment Associates' contract expires in March the firm is invited to rebid.

The RFP is available on the website of the pension fund's investment consultant, Dahab Associates, at www.dahab.com/media/rfps/PMRS-Timber.2013.doc.

Proposals are due at 5 p.m. EST on Feb. 4. Mr. Allen said the pension fund hopes to make a decision by early spring.

The pension fund's target allocation to timber is 5%.