Denver Public Schools Retirement System officials on Wednesday will meet with school system executives and the Colorado Public Employees Retirement Association, Denver, to discuss a possible merger of the two defined benefit plans. Officials met once recently and spoke generally about a merger, but there are no specifics at this point, said Norm Ruggles, executive director of the Denver schools plan. Possible cost savings are driving the talks, Mr. Ruggles said. Previous merger attempts between the $3 billion schools plan and the $40 billion Colorado PERA were unsuccessful.
Separately, Colorado PERA named BNY Mellon and incumbent Northern Trust as finalists for global custody and possible securities lending services, and Dresdner Kleinwort Wasserstein and Wachovia as finalists for third-party securities lending services, said spokeswoman Katie Kaufmanis. It has not been determined whether the system will use a third-party securities lending service. The board could make selections at its March 21 meeting. The plan issued an RFP for both services in November. New contracts will begin Oct. 1.