Arkansas State Highway Employees' Retirement System, Little Rock, is searching for a core fixed-income manager to run up to $40 million.
The reason for the search, along with a funding source, could not be learned by press time.
The RFP is available on the highway department's procurement website. Proposals are due by 4:30 p.m. CDT on April 15. Interested firms must file an intent to bid by April 8. A timeline for a hiring decision was not disclosed. However, the contract is expected to start July 1.
Danny Keene, division head of the transportation department's equipment and procurement division, and Mike Boyd, chief fiscal officer of the highway and transportation department, whose office oversees the retirement system, could not immediately be reached for additional information.
The pension fund had about $1.4 billion in assets as of June 30, the most recent information available.