SEARCHES & HIRINGS
Lansing (Mich.) Retirement System is issuing RFPs for a consultant. The deadline is Jan. 8. The boards of both the $218 million Policemen's & Firemen's Retirement Fund and $144 million City Employees' Retirement Fund will form a joint committee to review the RFPs, said Bob Swanson, city finance director. The search is expected to be completed by March 1. Incumbent Hannah Group will be included in the search.
Bibb Co., Macon, Ga., hired CIGNA Retirement and Investment Services as bundled provider for its $28 million defined contribution plan. The number of options will increase to nine from two. Bibb had offered employees a number of annuities as one option and a U.S. equity option through Shearson Lehman.
CIGNA will provide five lifestyle funds and the CIGNA Stock Market Index Fund, and through an alliance, the PBHG Small-cap Growth, the Templeton Global Equity Fund and the Fidelity Growth & Opportunity Fund, said Shirley McMullan, retirement coordinator.
CIGNA replaces Mercer as record keeper and NationsBank as trustee.
San Bernardino County Employees' Retirement System, San Bernardino, Calif., selected ERE Yarmouth for a $70 million allocation to core realty. Townsend Group assisted. Funding will come from rebalancing assets of the $2.5 billion fund.
Anglican Church of Canada, Toronto, hired Beutel Goodman as a Canadian real estate manager for its C$400 million (U.S.$285 million) pension fund, said Jer Homavazir, executive assistant. The firm will be get C$15 million. Towers Perrin assisted.
Town of Portsmouth, R.I., hired Dean Witter Reynolds as a consultant to assist in developing an investment policy statement, asset allocation and then do manager searches for its $19 million pension fund, said Robert Driscoll, town administrator.
Officials will meet with Dean Witter later this month to set the new policy. He said the town will be looking for equity managers, among others. Travelers, which will be replaced, manages the entire fund in debt instruments.
CORRECTION: Wachovia Timberland Investment and Forest Investment Associates each received $40 million commitments from the $68 billion New York State Teachers' Retirement System. The commitments were reported incorrectly in the Oct. 31 P&I Daily.