SEARCHES AND HIRES

Los Angeles 457 plan launches search for stable value manager

Los Angeles City Deferred Compensation Plan is searching for a stable value manager, said Esther Chang, an analyst in the city’s personnel department, employee benefits division.

The search is being conducted because incumbent Galliard Capital Management’s contract expires June 30; the firm is invited to rebid.

About $896 million is currently invested in the stable value fund.

The RFP is available on the city’s website. Proposals are due by 3 p.m. PST on Feb. 19. A hiring decision is expected on April 21 with a contract start date of July 1.

The plan has about $4.5 billion in assets. Empower Retirement is the plan’s record keeper.

Investment consultant Mercer is assisting with the search.