Public School Teachers' Pension & Retirement Fund of Chicago will now monitor its money managers and other vendors for their employment practices and policies, evaluating whether they comply with the $10.3 billion fund's goal of furthering employment and professional development for minorities and women. The fund will send notices to its vendors to collect data going back to 2002 on their employment of minorities and women and any initiatives they have established to further opportunities for these groups.
The fund plans to build a database to evaluate the progress of its vendors in furthering the fund's employment goals, said Kevin Huber, CFO and acting executive director of the fund. No specific level of staffing has been established, but lack of progress could adversely affect the fund's relationship with a vendor.
The fund plans to conduct the survey every year.
Mercer Investment Consulting, which is subject to the monitoring as well, is sending out the notices and assisting the fund in creating the database.