Indiana Public Employees Deferred Compensation Plans, Indianapolis, hired BlackRock to manage an inflation-protected bond mutual fund for its two 457 and two 401(a) plans, said Kirke Willing, deputy auditor of administration, Indiana state auditor’s office.
The plans, whose combined assets total $770 million, intend to add BlackRock as a stand-alone investment option but also will add it their target-date fund offerings during their more mature stages.
Mr. Willing said the new BlackRock strategy could become available to participants in January.
With the new strategy, the plans will each offer 14 investment options, excluding target-date funds. The plans have an unbundled structure for target-date funds, whose allocations are determined under consultation with Capital Cities, consultant to the plans, and use the 14 stand-alone options.
The hiring was the result of a search begun in June for a real-return manager. Capital Cities assisted.