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Kentucky deferred comp board issues call for stable value manager

Kentucky Public Employees' Deferred Compensation Authority, Frankfort, is searching for a stable value manager for its 457(b) and 401(k) plans, said a spokeswoman for investment consultant Callan Associates, in an email.

The search is being conducted due to the upcoming contract expiration of current manager Invesco (IVZ), according to the authority's second-quarter newsletter. Invesco, whose contract expires in January, is invited to rebid.

The RFP is available on Callan's website. Proposals are due by close of business on Aug. 4. Finalist presentations are tentatively scheduled for Sept. 15 with a hiring decision that day or later.

The plans have more than $2.5 billion in assets combined and about $684 million invested in the stable value fund.

Separately, the authority removed Ivy Investment's Core Equity Fund and Federated Investors (FII)' U.S. Government Securities Fund 2-5 Years from the plans' investment lineups, according to the second-quarter newsletter.

The reason for the funds' removal and how much was invested in them could not be learned by press time.

Investments in the Ivy fund will be mapped to the Vanguard Group's Institutional Index Fund, an existing investment option. Investments in the Federated fund will be mapped to the stable value fund.