New Mexico Public Employees Retirement Association, Santa Fe, issued an RFP for an investment manager to run a $142 million stable value fund for the state's $371 million 457(b) Deferred Compensation Plan.
Incumbent Dwight Asset Management is invited to rebid. The eight-year contract will start July 1.
The selected manager can offer a separately managed account or commingled fund that can be accessed by participants on a stand-alone basis and can also be included as a component of PERA's trustee-directed customized lifecycle portfolios, according to the RFP.
The RFP document is available on $11.7 billion PERA's website.
Proposals must be e-mailed to Mercer, the plan's investment consultant, by 4 p.m. PST March 6. Finalists are expected to be named April 4, with a selection on April 26.
Nationwide Retirement Solutions is the third-party administrator for the 457(b) plan. Jeff Francis, program manager of the New Mexico plan, was not available for comment.
The plan has 19 investment options in addition to a series of custom target-date funds.