Pennsylvania State Employees Retirement System, Harrisburg, hired Great-West Benefit Services as administrator of its $896 million 457 plan, replacing CitiStreet, after hearing presentations from Great West and Nationwide Retirement Solutions. CitiStreets contract ends in July; it rebid but was not chosen because fees were too high, according to Nicholas Maile, board chairman.
The board for the $20.3 billion pension plan also decided to interview Shoreview Capital at its April 23 board meeting for a possible $40 million private equity commitment.
Separately, the system may conduct an asset-liability study of the pension fund within the next year, Mr. Maile said. The system rehired consultant Rocaton Investment Advisors earlier this year, and a study is often conducted "within the first year of a (consultants) contract.