Indiana Public Retirement System searching for managers to run a combined $1.1 billion
By Barry B. Burr | March 13, 2013 4:07 pm
Indiana Public Retirement System, Indianapolis, issued RFPs for active international fixed-income managers to run a total of $900 million and for providers of life annuities to run possibly an initial total of $200 million.
INPRS, which oversees, $27.1 billion, expects to hire two mangers for the international fixed-income allocation and multiple providers for the annuities allocation.
Historically, retiree participants have converted about $200 million a year from their balances in their annuity savings accounts, a fund set up within the INPRS fund and funded by mandatory and voluntary participant contributions, according to an estimate in the RFP. The ASA fund has $5.5 billion in assets.
Both the fixed-income RFP and the single-premium immediate life annuities RFP are available from the fund's website. Proposals for the annuity RFP are due March 29, while proposals for the fixed-income search are due April 5. The INPRS board expects to make decisions in both searches in late May.
Strategic Investment Solutions, INPRS' investment consultant, is assisting in both searches.
Jeff Hutson, chief communications officer, couldn't provide further information by press time.