Indiana Public Employees' Retirement Fund, Indianapolis, is evaluating CitiStreet, Great-West and Nationwide Financial Services in its search for investment management and record-keeping services for its $2.39 billion 457 annuity savings account and $18.8 million legislators' defined contribution plan, said Jeffry S. Carter, director-external affairs. Fund officials expect to select at least one firm at the end of the summer or in the fall, Mr. Carter said. An RFP was issued in January.
Fund officials could hire separate record keepers for each plan or one record keeper for both plans. The record keeper might manage some or all of the plans' investment options, which now are provided by Barclays Global Investors, Dimensional Fund Advisors, Northern Trust, Royce and JPMorgan Chase, which together manage $528 million, 22% of the plans' combined assets. The remainder of the savings account is invested in a guaranteed fund run by various other managers.
Indiana PERF does the record keeping for the annuity savings account internally and wants to move it to daily from quarterly valuation. Great-West, whose contract is expiring, is the record keeper for the legislators' plan, which already has daily valuation.
Fund officials are also considering adding static allocation lifestyle and/or dynamic allocation lifecycle funds and other investment options. Details weren't available.
