Public Employees Deferred Compensation System of Kentucky, Frankfort, hired William M. Mercer as a stable-value investment consultant. Mercer will assist in a search for a stable-value manager to replace an existing $74 million contract with Jefferson Life Insurance. The funds contract had been with Kentucky Central Life, but after that insurer went bankrupt the Franklin County Circuit Court ruled the remaining GIC holders would switch to Jefferson for the duration of their contracts. The contract expires June 1 and trustees are expected to make a decision on a new stable-value provider by February. Mercer also is reviewing the stable value investment contracts of New York Life and MetLife, in addition to reviewing the stable-value investment policy, said Robert Brown, executive director for the $825 million fund. A formal review of the contracts and policy has not been done for awhile, he added.