San Francisco deferred compensation plan re-ups with Russell on target-date services

San Francisco City & County Employees’ Retirement System’s deferred compensation program rehired Russell Investments for target-date investment management services, Diane Chui Justen, the deferred compensation plan’s manager, said Wednesday at a board meeting.

Ms. Justen said the new five-year contract will start Jan. 17. Target-date funds make up $580 million of the $2.9 billion plan.

Russell will act as a fiduciary, constructing and managing customized glidepaths on a fully discretionary basis for a series of target-date funds.

The board of the $20.9 billion pension fund at its May meeting had agreed to hire Russell for a new five-year contract starting July 1, 2016, but in June the board put Russell on its watchlist following the departure of John Greves, the lead consultant in charge of developing the glidepath for the DC program’s target-date funds.

Russell’s new contract was put on hold, and the old contract was extended for six months.

Ms. Justen said at the board meeting she was happy with the new personnel in place for the pension fund.

Board secretary Norm Nickens said in an email that “portfolio management responsibilities have been taken over by Russell’s CIO of multiasset solutions and have not faltered.”

Brian Meath is Russell’s CIO, multiasset solutions.