Montgomery County Employees Retirement System, Rockville, Md., is planning to issue an RFP by the end of December for an operational review of the $1.8 billion fund, including examining its relationship with custodial banks, staffing needs and adherence to best practices. The deadline for the RFP will be the end of January. The system also has picked Putnam and Capital Guardian as finalists in its search for international equities managers, said Patrick Bell, director of pension investments. It hopes to pick one active EAFE manager by the end of the month. The search was prompted by legislation that removed the ceiling on international investments. The systems new target for international investments is 14% of assets, up from 10%. Funding will come from an international index fund that has been parked temporarily with State Street Global Advisors.