California Public Employees' Retirement System, Sacramento, may issue an RFP for its pool of general pension consultants backing up Wilshire Associates, the $145 billion pension fund's primary consultant, based on a recommendation from the plan's staff. Contracts with Pension Consulting Alliance, R.V. Kuhns and Strategic Investment Solutions expire June 30, 2004. Staff also recommended continuing the fund's contract with Wilshire, which has no fixed duration. If CalPERS' investment committee approves the move on Aug. 18, an RFP will be issued by Sept. 30, with a Dec. 1 response deadline.
New York City Deferred Compensation Plan will issue an RFP Aug. 18 for a discretionary investment manager to provide traditional guaranteed investment contracts for the $4.6 billion plan's stable income fund, said Dean Weltman, plan compliance officer. Galliard Capital Management oversees the entire $1.7 billion stable income fund, explained Mr. Weltman. "It was decided to break it down and hire a separate manager for the $450 million fixed-maturity portion of the stable fund to give the board more control," he said. Galliard will continue to manage the rest of the stable income fund. The RFP will be available on the plan's website: www.nyc.gov/deferredcomp. Proposals will be due Sept. 30. Mercer Investment Consulting is assisting.
Ohio Public Employees' Retirement System, Columbus, issued an RFP for a manager to run $100 million in a private equity fund of funds. The RFP is available at www.opers.org/RFPs/indext.html or by writing to Greg Uebele, assistant investment officer-private equity, by mail or by e-mail at [email protected] Proposals are due Aug. 29. Fund officials plan to conduct preliminary interviews in September, according to the RFP. Ennis Knupp, consultant to the $52 billion system, is assisting.
Oregon Investment Council, Salem, is looking for at least one general consultant to advise on its $48 billion in assets, including the $37 billion Oregon Public Employees Retirement Fund, said Michael Mueller, assistant director of investments. Responses are due Sept. 1. Incumbent consultants Frank Russell and PCA, whose contracts expire Dec. 31, are eligible to bid.
North Miami (Fla.) Employees' Retirement System plans to search for an independent actuary to conduct a review of the assumptions made by current actuary Gabriel Roeder Smith, said Carlos M. Perez, city finance director. The RFP will be issued after Oct. 1. The $50 million general employees' fund and the $20 million police officers' pension plans have never reviewed their actuary, Mr. Perez said, and officials now think an outside firm should be hired every 10 years. The plans' 9% assumed long-term rate of return will be among items reviewed, he said. No consultant will be used to assist with the search, Mr. Perez said. Gabriel Roeder Smith is also the system's investment consultant.
Peabody (Mass.) Contributory Retirement System may decide at its Aug. 25 retirement board meeting to search for its first investment consultant, said Linda Cavallon, pension administrator. The consultant would be asked to conduct an asset allocation study of the $79 million pension plan, and manager searches could result, Ms. Cavallon said.
Haverford College, Haverford, Pa., will begin discussions this fall about adding hedge funds as an asset class for its $280 million endowment, said G. Richard Wynn, vice president for finance and administration. No time frame has been set for a potential manager search. The investment committee may work with consultant Cambridge Associates or handle the decision internally, Mr. Wynn said. The fund's current asset allocation is 55% equity, 20% alternatives, 20% fixed income and 5% real estate.
Wilson Sonsini Goodrich & Rosati, Palo Alto, Calif., is reviewing its $52 million profit-sharing plan and its $33 million 401(k) plan, said Sue Trowbridge, senior retirement plans administrator. These are the first formal reviews of the plans conducted since 1999 and investment changes are likely, Ms. Trowbridge said. Reviews are expected to be completed in September, with any changes implemented by Jan. 1. The plans offer the same 10 investment options. Callan Associates is assisting.
Technical Engineers, Local 130, Chicago, will begin a performance review of its $14 million pension and welfare plan in September, said Bill Scruggs, fund administrator. Plan officials conduct these reviews annually, and investment changes may result, he said. Northern Trust is manager of managers for the plan.