District of Columbia Retirement Board trustees at todays board meeting approved a search for an investment consultant. The search is being conducted because current consultant CRA RogersCasey was bought last month by Capital Resource Advisors. Trustees of the $2.1 billion system agreed to keep CRA RogersCasey in the interim, putting it on watch, and allow it to bid. The RFP will be available next week.
Trustees decided to defer any decisions on an asset allocation study already under way by CRA RogersCasey until autumn.
The board also agreed to restore State Street Bank which had been on probation because the system wasnt receiving certain technological services to full custodian status, if the firm agrees to waive fees for another six months, during which it must restore all services. The board had put State Street Bank on a six-month probation, during which time it withheld the firms fee, because of concerns over its stability after many people left the firm and some services were disrupted.
The board also agreed to renew its contract with Milliman USA as actuary for another two years, with a 5% increase in fees. The contract expires June 30.