The Philadelphia Municipal Pension Fund has taken responsibility for the city's $163 million 457 deferred compensation plan from the city's finance department, as recommended by legislators.
Trustees of the municipal fund are studying whether to send out RFPs to hire new managers to increase investment options. About 80% of assets now are in GICs.
Trustees would like to offer participants as many as six additional investment choices, said Joseph J. Herkness, executive director. Also under consideration is whether to give participants the ability to purchase individual securities.
New options should be in place within six months.