The State of Connecticut Office of Policy and Management issued an RFP for a consultant to advise about the state's health and pension plans, according to the agency's website. The office is seeking assistance in evaluating the funded status and benefit levels of state-funded and municipal pension systems and in identifying areas of potential cost savings in state pension plans, which have $22 billion in combined assets. Leah Grenier, budget specialist, did not return calls seeking comment. The RFP can be found online at www.das.state.ct.us/busopp.asp. Proposals are due June 30.
San Diego City Employees Retirement System's board is expected to consider at its June 16 meeting how to implement a strategic plan for its real estate portfolio that will be 30% core and 70% enhanced and high return. The 10% long-term allocation to real estate now is entirely core or lower risk. Board members will consider how much discretion to give its real estate managers, and searches for new managers are expected.
City of New York Deferred Compensation Plan extended the proposal due date to July 28 in its search for a passive international equity manager, according to the website. Fund officials are seeking an index manager to run $130 million of its $299.7 million international equity option, said Denise Peart, deputy assistant counsel. Ms. Peart said plan officials want to add an index manager to its current group of active international equity managers: AllianceBernstein Institutional Investment Management, Mondrian Investment Partners and New Star Institutional Managers. The fund, which comprises a 457 and 401(k) plan, has a total of $6.8 billion in assets. The RFP can be found at www.nyc.gov.
Arizona Public Safety Personnel Retirement System, Phoenix, will issue an RFP for a consultant sometime after the end of its fiscal year on June 30, said James Hacking, executive director of the $6 billion system. Incumbent Clark Consulting will be invited to rebid. The RFP will be posted on the system's website, www.psprs.com. The search will be made in conjunction with a planned asset-liability study later this year to examine the possibility of moving into international and emerging markets equities, Mr. Hacking said.
California State Teachers' Retirement System, Sacramento, will issue an RFP, probably in the fourth quarter, for active currency overlay managers to run between 15% and 20% of the fund's $32.5 billion in international exposure. Assets would come from an internally managed currency program, which now runs half of the pension fund's currency exposure. Currently, the $142 billion fund only hedges its foreign exposure against a rising dollar, but a new policy will enable a portion of the currency portfolio to be invested in alpha-generating strategies. Callan Associates is the consultant.