Maryland Teachers & State Employees Supplemental Retirement Plans, Baltimore, is searching for a stable value manager, confirmed Michael Halpin, executive director.
The plans, composed of a 401(k) plan, 401(a) plan and 457 plan with combined assets of $804 million, issued an RFP due to the pending expiration of current manager Deutsche Asset & Wealth Management's contract on Jan. 31, 2014.
In September, Deutsche Bank announced the sale of its stable value business to Goldman Sachs Asset Management in September. GSAM will manage the fund until the contract's expiration date and is invited to rebid, Mr. Halpin said in a telephone interview.
The RFP is available on Maryland's procurement website. Proposals are due at 2 p.m. EST on Nov. 20. Mr. Halpin said the plans hope to have a manager in place before Jan. 31.