Armstrong County Employees' Retirement Fund, Kittanning, Pa., is considering hiring a consultant to monitor performance and help the board decide whether to add another money manager, said Darlene Pike, county controller.
The board is not in the process of a "serious search,'' she added, but may have a better idea in December of what will be done. The $28 million fund currently uses C.S. McKee as sole manager, but the board had decided to consider other fir ms once the fund had grown to a certain level of total assets, Sondra L. Mervis, treasurer, said.
Vanguard Group today released Vanguard Bridge, a direct connection for 401(k) and 403(b) plan sponsors to plan data via the Internet. Current and historical plan, participant and investment information will be available via Vanguard's Web site, www.vanguard.com.
New York State Comptroller H. Carl McCall today proposed a plan to tie retirement benefits to the investment performance of the New York State Common Retirement Fund's assets. Under the plan, when five-year market returns exceed 10%, the first 0.5% above that level would fund an increase of up to 3% for retirees that they would keep for life. If the return exceeds 12%, the next 0.25% would go to a reserve fund to pay retiree COLAs in years when the return does not hit 10%.
The comptroller's proposal also includes provisions to improve benefits for retirement systems' members who began working after 1976, cut vesting to five years from 10 and provide a benefit for vested members who leave public employment. Mr. McCall also proposed an incentive program for public employees to particip ate in the deferred compensation program with an employer match of up to $25 per month.
Fairfax County Supplemental Retirement Fund, Fairfax, Va., is searching for its first enhanced stock index manager, said Don McCorry, acting executive director of the approximately $1.4 billion fund. The amount to be allocated has not been decided.
Results of a questionnaire sent to managers will be reviewed by trustees Oct. 1. The search was prompted by an updated investment philosophy, Mr. McCorry said. Funding will come from an equity rebalancing, he said.
Next, trustees will consider adding another domestic small-cap manager; two firms run about $102 million in small-cap stocks now.
Philadelphia Municipal Pension Fund, with $3.2 billion in assets, is searching for U.S. small-cap value and growth managers to replace recently terminated George D. Bjurman, said Joseph J. Herkness, executive director. Bjurman managed $47.3 million in domestic small-cap stocks, but the fund has now decided to search for separate value and growth managers, Mr. Herkness said.
Mercer is assisting. Trustees probably will interview finalists for the growth manager Sept. 25; the value manager, Oct. 23.