Illinois State Universities Retirement System, Champaign, is searching for fiduciary insurance consultation and brokerage services. Trustees want to determine whether the $13.5 billion fund should buy outside insurance to indemnify trustees and senior staff for errors and mistakes in judgment or continue to self-insure, said Dan M. Slack, interim executive director. The system last conducted such an analysis about 10 years ago, he said.
In his informal survey of some public systems, Mr. Slack said he found about half of them buy commercial fiduciary insurance, while the other half self-insure.
The RFP is available on the system's website, www.surs.org. Proposals are due Sept. 30, and the system's board hopes to interview finalists and make a selection Oct. 21.
