Metropolitan Transportation Authority, New York, is searching for a third-party administrator, a stable value mutual fund manager and a provider of education and information services for its 457 and 401(k) plans, which total $850 million, said Sal Acosta, manager-deferred compensation. The system is required to put the contracts out for bid every five years, Mr. Acosta said. Prudential is third-party administrator and provides education and information services; T. Rowe Price, Galliard and Prudential manage the $300 million stable value fund. All incumbents may rebid, he said. Proposals are due Aug. 21 and are available from Paul Fallon, senior manager of contracts, at (212) 878-0176.
New Orleans Firemen's Retirement System began a search for its first real estate managers, said Joe Meals of Consulting Services Group, the alternatives consultant to the $200 million pension plan. "We want to develop a diversified real estate portfolio and may hire a few managers with different strategies," Mr. Meals said. Funding for the $10 million allocation will come from domestic equities, which have been sold and are parked in a cash account. The RFP is available by e-mailing [email protected]; responses are due Sept. 13.
Brockton (Mass.) Contributory Retirement System is issuing an RFP for an active domestic all-cap core equity manager to run up to $5 million for the $165 million pension plan, said Harold P. Hanna Jr., executive director. Funding will come from annual appropriations from the city of Brockton and from the maturing investments in the L&B Property Fund IV and the SSR Realty MAC Trust Fund. Separately, the plan is issuing an RFP for a commission recapture broker. The plan uses Trading Partners and would like to have another option, he said. Copies of both RFPs are available online at www.winvcounsel.com/docs/rfps.html. All proposals are due Sept. 13. Wainwright Investment Counsel is advising.
Hawaii Deferred Compensation Fund, Honolulu, issued an RFP for a third-party administrator for its $975 million 457 plan, said Sandi Yahiro, personnel management specialist. The system periodically conducts such searches, the last of which was in 1996; and Ms. Yahiro said the fund has no complaints about incumbent Hawaii Benefits Inc. Further information was not available by press time.
San Francisco City & County Employees' Retirement System in September will decide when to launch a series of searches for equity managers, including enhanced S&P 500 (ex-tobacco) and active large-cap value equities, and how to implement its new asset allocation. The system reduced U.S. equities by one percentage point to 31% and trimmed international stocks three percentage points to 15%. Real estate was raised four percentage points to 12%, and fixed income and alternatives remained stable at 30% and 12%, respectively.
Drew University, Madison, N.J., in the next two months will search for an opportunistic international equity manager to handle $10 million for the the $200 million endowment, said Jeffrey Balog, associate treasurer. Officials at the fund have not decided whether the style will be aggressive growth or value. Funding will come from reducing fixed-income portfolios across the board; no terminations are expected, he said. If the endowment uses a consultant for the search, Callan Associates will assist, he said.
Palm Beach Employees' Retirement System, Palm Beach, Calif., is reviewing its $58 million public safety pension plan, and new consultant Prime Buchholz likely will suggest asset allocation changes and searches for more investment managers, said William Crouse, director of human resources and pension administrator. All decisions on searches and rebalancing will be made at the board's Sept. 24 meeting, he said.
LG&E Energy Corp., Louisville, Ky., may invest up to $25 million in a REIT, said Roger L. Smith, manager of benefits and compensation. The $500 million pension plan conducted some informal interviews and has no deadline for deciding if it will make the REIT allocation or how it would be funded, he said. LCG Associates is advising.
South Jersey Industries Inc., Folsom, N.J., in July began an asset allocation study of its bargaining and non-bargaining unit pension plans, which have $50 million in combined assets, said Wayne Robertson, manager of labor and benefits. The plans jointly conduct an annual asset allocation study, he said. It is too early to predict manager changes, Mr. Robertson said. Further details were not available.
