Illinois State Universities Retirement System, Champaign, plans to issue an RFP in the spring for investment providers for its $1.5 billion participant-directed 401(a) defined contribution assets, said Daniel L. Allen, chief investment officer.
Fidelity, which manages $901 million in 16 investment fund options, and TIAA-CREF, which manages $622 million in 11 investment fund options, are the incumbents. Both offer only proprietary funds. They will be invited to rebid, Mr. Allen said.
SURS hasn’t set a target on the number of providers it would hire.
NEPC, the investment consultant for SURS, is assisting in the process, which is still being developed, Mr. Allen said.
SURS expects to start the search in late spring, Mr. Allen said.
