Hawaii Deferred Compensation Plan, Honolulu, issued RFPs for managers to run a passive stock or bond index fund and an active large-cap growth equity investment option for its $1.5 billion 457 plan, confirmed Cynthia Akiyoshi, personnel management specialist.
The passive investment option would be new for the plan, Ms. Akiyoshi said. The plan’s consultant, Mercer, recommended the addition. The plan will choose from among four options: a bond index option, designed to replicate the performance of the Barclays Capital U.S. Aggregate Bond index; a U.S. large-cap index option, designed to replicated the performance of the S&P 500; a U.S. small/mid-cap index option, designed to replicate the performance of the Dow Jones Wilshire 4500 Completion index, Russell 2500 index or S&P Completion index; and an international equity index, designed to replicate the performance of the MSCI Europe Australasia Far East index or the MSCI All Country World Ex-US index.
The previous active large-cap growth option, the Wells Fargo Large Cap Growth Fund, is being dropped for performance, Ms. Akiyoshi said. Wells Fargo managed about $36 million for the plan as of June 30.
John Roehm, a spokesman for Wells Fargo, said in an e-mail the company had no comment.
The RFPs are available online at http:www.hawaii.gov/hrd. Proposals for both searches are due by 4 p.m. HST Feb. 6; the board hopes to make a selection by April, Ms. Akiyoshi said. Mercer is assisting on both searches.
The plan has 16 investment options. ING is the administrator.
