Indiana Public Retirement System, Indianapolis, plans to reissue an RFP for life annuity providers to run an initial total of $200 million.
The RFP originally was issued in March.
Staffers at the retirement system wanted to “look at whether the scope of the original RFP is what we wanted,” according to Jeff Hutson, spokesman at the $28.3 billion pension fund.
The pension fund received two responses to the original RFP, but the reissuance has nothing to do with the firms that responded, Mr. Hutson said. “It's definitely not a candidate issue,” he said.
It hasn't been determined whether the two respondents will have to rebid, he added.
At its July 30 meeting, the pension fund's board voted to use an outside annuity provider for its Annuity Savings Account effective next July 1, so the RFP will be reissued “fairly soon,” Mr. Hutson said, though a date for reissuance has not been set.
Retiree participants have converted about $200 million a year from their balances in their annuity savings accounts, a fund set up within the INPRS fund with mandatory and voluntary participant contributions, according to an estimate in the earlier RFP. The ASA fund has $5.5 billion in assets.