Hawaii Deferred Compensation Plan, Honolulu, is searching for one or more target-date managers, said Cynthia Akiyoshi, personnel management specialist for benefits administration in the state's department of human resources development.
The plan offers a series of custom target-date funds made up of the $2.2 billion plan's core investment options.
The search is being conducted to bring simplicity to the target-date structure, "determine whether fees could be better or more competitive, create more diverse opportunities over the asset classes, and have improved performance results, Ms. Akiyoshi said.
As of June 30, participants had $113.7 million invested in the target-date funds.
The RFP is available on the state's department of human resources development website. Proposals are due by 3 p.m. Hawaii time on Jan. 12. Finalist interviews are tentatively scheduled for mid-March, with a hiring decision in early to mid-April.
Investment consultant Segal Marco Advisors is assisting with the search.
Separately, the BlackRock Total Return Fund was added to the deferred compensation plan's investment lineup. It replaced PIMCO's Total Return Fund, which was removed in September because of organizational changes tying back to the departure of William Gross, PIMCO's co-founder and chief investment officer, in 2014, and other senior-level departures, Ms. Akiyoshi said.
PIMCO's Total Return Fund existed as a stand-alone investment and an underlying option in the plan's custom-target date funds; BlackRock replaced it in both capacities. Approximately $100 million total was invested in the fund.