CalPERS trustees yesterday approved the issuance of RFPs for pension consulting, timber and securities lending.
Consultant RFPs are expected to go out in August; proposals will be due in November and a final choice will be made in March. In addition to RFPs for general consulting assignments, the fund is expected to send out RFPs for the first time for special project consultants. General consultants are Wilshire Associates and Pension Consulting Alliance.
Trustees of the $140 billion fund decided to send out RFPs on unspecified dates for alternative timber investment structures and domestic securities lending.
The domestic equities and corporate bond securities lending RFP isn't expected to go out until July 1999.
The Sacramento-based fund yesterday extended to 18 months a contract with Metropolitan West Securities, its current domestic equities and corporate bond securities lender, to June 30, 2000. The firm, which also does other types of securities lending for CalPERS, is expected to compete for the contract.
Orange County Retirement System, Santa Ana, Calif., last week sent RFPs for a special project to double check the work done by longtime actuary Towers Perrin, said Raymond Fleming, system administrator. Such a study had not been done for at least nine years, he said. He denied that the double check had anything to do with the fact that last year Towers Perrin underestimated by more than $1 billion the liabilities of Los Angeles County's retirement system.