CalPERS is changing the fund lineup for its Supplemental Income Plans to all passive funds managed by State Street Global Advisors and in-house staff, effective Oct. 7, confirmed spokesman Joe DeAnda.
The total fund lineup drops to 16 from 24 funds. The number includes 10 target-date funds managed internally by staff of the $260.9 billion California Public Employees' Retirement System, Sacramento, and externally by SSgA. The six index funds will be managed by SSgA.
The changes are effective Oct. 7 following a quiet period that begins Oct. 2, according to a newsletter on the SIP website. The SIP consists of four plans totaling $1.64 billion in assets, including the $1.1 billion 457 plan.
The new SSgA index funds are a U.S. government short-term investment fund, a U.S. short-term government/credit bond fund, real asset fund, U.S. bond fund, Russell all-cap domestic equity fund and all-cap ex-U.S. equity fund.
Active options that are being eliminated are U.S. smidcap equity value and growth options managed by The Boston Co.; international equity managed by Pyramis Global Advisors; short-term bond managed by Pacific Investment Management Co.; and five other options managed internally.
Investment consultant R.V. Kuhns & Associates assisted.
