Indiana State Teachers' Retirement Fund and Indiana Public Employees' Retirement Fund, both in Indianapolis, could search for record keepers for their defined contribution plans if a bill that would allow daily investment changes passes the General Assembly. "We can switch only once a quarter," said Robert D. Newland, CIO of the teachers fund, which does record keeping internally. "We don't have the capability to do it (more frequently than once) a quarter."
Fund officials haven't decided how they would implement the change if the legislation is enacted. Mr. Newland said one possibility is that both funds could do a joint search for a record keeper. Bruce Fink, CIO of the public employees fund, couldn't be reached.
"It probably will be passed," Mr. Newland said of the bill.
Graig Lubsen, aide to state Rep. Lawrence Buell, who sponsored the bill, said the House could vote on the bill today, although if isn't approved, he doesn't think it can be revived this legislative session.
The teachers fund has $2.9 billion in defined contribution assets; the amount of DC assets in the public employees fund wasn't available.
