Michigan Department of Treasury, Lansing, is searching for an investment consultant for the four public defined benefit plans in Michigan Retirement Systems.
The consultant will provide investment advice to Michigan Treasurer R. Kevin Clinton, who is sole fiduciary of the retirement system and Jon M. Braeutigam, chief investment officer of the state's Bureau of Investment, which manages the aggregate $53.5 billion in the state's public defined benefit plans. The asset amount is as of Dec. 31.
Assets in the state's public pension funds were Michigan Public School Employees Retirement System, $41.7 billion; Michigan State Employees Retirement System, $10.3 billion; Michigan State Police Retirement System, $1.2 billion; and Michigan Judges Retirement System, $262 million. The state employees' and judges' defined benefit plans are closed to new employees.
The Treasury Department's search is part of a regular five-year rebidding process, Mr. Braeutigam said in an e-mail. The new contract likely will be for five years and is expected to start Sept. 1, he added.
R.V. Kuhns & Associates is the retirement system's general consultant and will be permitted to rebid.
The RFP is available on Michigan's public agency bidding system website. RFP responses are due by 3 p.m. EDT on May 5.