Indiana Public Employees' Retirement Fund, Indianapolis, will allocate $2 billion to $2.5 billion to passive and enhanced passive U.S. equity managers, said Garth Dickey, executive director of the $8 billion fund.
Under Indiana state purchasing rules, the Indiana fund issued a broad agency announcement seeking managers for four assignments in both large- and small-cap passive and enhanced passive U.S. equity. Written questions about the announcement are due at Indiana's procurement office by Dec. 1, with proposals due Dec. 19. Under state law, fund staff will not be involved in the search.
Additional information will be available on the Internet at www.state.in.us/idoa.
Indiana already has $900 million in equities with ANB Investment Management.
Separately, trustees terminated W.R. Lazard for a $73 million fixed-income assignment. Of that, $30 million will be given to Hughes Capital, which already manages $31 million for the fund. The balance will go into a fixed-income index fund also managed by ANB.
Yankee Atomic Electric Nuclear Decommissioning Trust, Bolton, Mass., plans to nearly double its equity allocation in the next 11/2 years, said Timothy S. Conry, treasury manager for the $130 million fund. The fund, now 30% equity and 70% fixed income, plans to change the allocation to 50-50.
In about a year, it might consider adding more investment managers, Mr. Conry said. At least until then, it will use Mellon Capital for equities and M.D. Sass for fixed income.
El Paso County Pension System, Colorado Springs, Colo., is close to completing an asset-liability study. David Klemmer, plan administrator, said he expects some changes to take place in individual asset classes, such as domestic equity where the fund invests only in large-cap stocks.
Results of the study are likely to be discussed at the $140 million fund's Dec. 17 board meeting.
The fund's current mix: 21% domestic fixed-income; 47% domestic equity; 11% international equity; 7% real estate; 8% mortgages; and the rest in cash.
Summit Strategy is assisting.
Washington State Deferred Compensation Program, Olympia, will shift about $350 million of internally managed stable value assets to the Washington State Investment Board in Olympia after the December retirement of Leroy R. Driesbach, program administrator. Anne Holdren, program manager, will assume most of Mr. Driesbach's duties.
As a result, its investment advisory committee could be expanded to nine members from seven. One of the members would have ``deep'' real estate experience, said Bill Sullivan, a spokesman for the $26 billion fund. The pension fund also would like to retain the flexibility to create special investment advisory committees on an ad hoc basis, Mr. Sullivan said. The system will need legislative approval to implement the changes.
Investment education is the top benefit priority for 1998 among employee benefits professionals and employees, according to a new survey by the International Society of Certified Employee Benefit Specialists and Deloitte & Touche.
Rounding out the top five priorities among benefits specialists are refining and improving managed health care programs, monitoring health care reform legislation, improving the quality of employee communications materials, and implementing Internet and intranet applications.