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June 28, 2004 01:00 AM

Changes Ahead

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    New York City Deferred Compensation Plan will issue an RFP on July 28 for a manager of institutional separate accounts to run a $145 million Russell 2000 index portfolio, part of the plan's $785 million blended small-cap fund, said Dean Weltman, plan compliance officer at the $5.5 billion plan. Current manager Vanguard can rebid. Proposals will be due Sept. 7, Mr. Weltman said. Mercer Investment Consulting will assist. The other managers of the blended small-cap fund won't be affected. NYC Deferred also plans to issue an RFP for an investment consultant around Aug. 3, said Mr. Weltman. Current consultant Mercer Investment Consulting can rebid. Responses will be due Sept. 29. Both RFPs will be available on the plan's website at www.nyc.gov/deferredcomp.

    Jacksonville (Fla.) Fire & Police Pension Fund issued an RFP for a value-added real estate manager to run $40 million to $45 million, said John Keane, executive director-administrator. The $900 million plan hadn't had a real estate allocation since 1990, and it reinstated the asset class in December. The RFP is available on the plan's website at www2.coj.net/RFP; responses are due July 30. Merrill Lynch is assisting.

    Kern County Deferred Compensation Commission, Bakersfield, Calif., is searching for a domestic midcap equity mutual fund to add as an investment option for its $204 million 457 plan, said Phil Franey, county treasurer, tax collector and plan administrator. The plan dropped the Strong Opportunity fund in December because of "changes to the fund family," Mr. Franey said. Trustees will choose the new fund at their annual review in July, with the change to take effect by October. Advised Assets Group, a subsidiary of bundled provider Great-West, is assisting.

    Orange County Employees Retirement System, Santa Ana, Calif., will issue RFIs for a manager to run $150 million in emerging market equities and a manager to run a $250 million TAA portfolio, both new allocations, said Keith Bozarth, executive director of the $5 billion system. No deadline was established for responses. Callan Associates will assist.

    Ohio Public Employees Retirement System, Columbus, plans to issue an RFP in July for a stable value manager for its $35 million 401(a) defined contribution plan, according to Michele Kowalik, senior market research analyst at the $59 billion system. Currently, INVESCO is the system's sole stable value manager; Ms. Kowalik said system officials had always planned on adding more. Ennis Knupp will assist.

    Wisconsin State Investment Board, Madison, plans to search for a host of proxy-voting services near year's end, said Vicki Hearing, public information officer. The $70.6 billion board will issue an RFP for at least one firm to provide services including corporate governance analysis, proxy voting recommendations and CGQ ratings of companies. Incumbent Institutional Shareholder Services will be invited to rebid. "It will be a good opportunity to see what's out there," Ms. Hearing said.

    Southwest Gas Corp., Las Vegas, might start a search for a small-cap value equity mutual fund for its $185 million 401(k) plan, said Ken Kenny, treasurer. The plan offers the Fidelity Low-Priced Stock fund, which is closed to new investors, and trustees want all participants to have access to a fund in that asset class, he said. Plan officials will seek approval for the search at the end of this June. Callan Associates will assist.

    Kansas Public Employees Retirement System, Topeka, will begin an asset-liability study in August, the first in three years, Chief Investment Officer Rob Woodard said in a written statement. The $10.5 billion system uses an 8.7% expected rate of return on plan assets and was 78% funded as of Dec. 31, 2002, the last valuation date, Mr. Woodard said. Ennis Knupp will do the study, he said. Results are expected in November.

    San Diego County Employees' Retirement Association will conduct an asset-liability study, said Dan V. McAllister, chairman. David Deutsch, chief investment officer of the $5.1 billion system, will conduct the review. "His mission is to really do a thorough top-to-bottom look at the portfolio," said Mr. McAllister. "We're moving in the coming year to look very closely at cost." Mr. Deutsch also will look at adding indexed investments to the plan for the first time, Mr. McAllister said.

    NDCHealth Corp., Atlanta, will conduct an annual review of the 42 investment options in its 401(k) plan in July, said Cheryl Bergdale, benefits manager. Officials are concerned that the plan offers too many funds. Ms. Bergdale declined to speculate about possible changes. The review will take three or four weeks. The plan has $70 million in assets, according to the Money Market Directory.

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