Texas Employees' Retirement System, Austin, will begin a search for investment consulting services this summer.
An RFP will be posted on or after July 11 on the Texas state centralized purchasing system's website, said Mary Jane Wardlow, a spokeswoman for the $28.4 billion pension fund, in an email.
The investment consulting contract is being rebid "in the normal course of business as part of our fiduciary duty," Ms. Wardlow said. Investment consulting contracts are rebid every five to seven years, she said.
Aon Hewitt Investment Consulting is the incumbent and may rebid.
Separately, ERS is prepping a search in the fall for a vendor to provide third-party administration, advisory and custodial services for the state's Texa$aver defined contribution plan made up of a $2.3 billion 401(k) plan and an $811 million 457 plan.
The search is part of the retirement system's regular rebidding practice, Ms. Wardlow said.
An RFP will be posted on or after Sept. 25 on the state's purchasing website. A vendor likely will be chosen at the system's May 23, 2019, board meeting, Ms. Wardlow said.
Empower Retirement, the current provider, is permitted to rebid.
Each Texa$aver defined contribution plan offers the same investment lineup of 12 core funds managed by a variety of managers; 10 target-date funds managed by BlackRock (BLK); and a self-directed brokerage plan through Charles Schwab & Co.
The ERS' board of trustees determines the investment options for the plans with recommendations from its product review committee, which is made of the staff and investment professionals, Ms. Wardlow said.
Ms. Wardlow said a search for global custody services has been canceled, noting that a timeline for reviving the search — part of the pension fund's normal rebidding process — will be determined later this year.