CHARLESTON, W. Va. -- The West Virginia Consolidated Public Retirement Board plans to re-examine the $191 million West Virginia State Teachers' Defined Contribution Plan, said Betty S. Ireland, executive secretary, who said she would like to make the plan "more efficient and make better use of the contribution dollars." The plan, whose outside administrator is Milliman & Robertson, offers seven investment options. The board might consider going to a bundled service provider, but no decisions will be made until the review is completed, she said.
Longmont adds 5 options to its 401(a) plan
LONGMONT, Colo. -- The City of Longmont increased options for its $30 million 401(a) plan for municipal employees to 11 from six, said Jim Golden, finance director. Funds added were: Janus Overseas; T. Rowe Price Small-Cap; Janus Twenty; Janus Balanced; and American Century Income & Growth. The city also has a $55 million defined benefit plan.
Windy City fund considers expanded allocations
CHICAGO -- The Chicago Municipal Employees' Annuity & Benefit Fund is considering increasing its small-cap and international equity exposures by $100 million each, said Terry Stefanski, acting executive director. Becker, Burke Associates, the $5.6 billion fund's consultant, is reviewing outside "top- quartile" managers and existing managers. A decision is expected at the end of the summer when an asset allocation review is finished.
Funding likely would come from a reallocation of assets or from investment income, he said.
Currently, Ariel Capital manages $300 million in small-cap equity and Frank Russell manages $175 million in a commingled international equity fund.
Institute decides against alternatives manager
WORCESTER, Mass. -- The Worcester Polytechnic Institute decided not to invest an additional $5 million in an alternative investment portfolio because the manager under consideration had a poor track record, said Sylvia Cucinotta, associate treasurer at the $267 million endowment. She declined to identify the manager, but said the endowment might consider hiring a different firm at its meeting in September.
Vermont appoints committee to examine retirement systems
MONTPELIER, Vt. -- Vermont legislators, along with state Treasurer Jim Douglas, plan to review the state employees', teachers' and municipal retirement systems this summer. The three systems total $2 billion in assets. In addition, the state defined contribution plan, covering 12% of state employees, totals $22 million.
A final report is due Jan. 15.
School employees expand fixed-income allocation
BATON ROUGE -- The Louisiana School Employees' Retirement System allocated an additional $40 million to domestic fixed-income manager Schroder Capital Management June 1. Schroder's portfolio now totals $287 million.
Funding came from existing large-cap equity managers, the result of a rebalancing in which the equity portfolio was pared four percentage points, said Julia LeBlanc, chief investment officer for the $1.5 billion fund. The new U.S. equity allocation is 45.5%.