The $38.6 billion pension fund issued an RFP in August because NEPC's contract was set to expire March 9.
Callan was also hired as backup consultant, the first for the pension fund. Mr. Cannella said, "It was determined to be prudent to have one in place, should the need arise."
Five firms submitted proposals, all of which were interviewed by the pension fund's evaluation committee. The other three respondents were Pension Consulting Alliance, RVK and Verus Advisory.
As of Jan. 15, the actual allocation was 57.2% equities, 17.7% credit, 12.9% real estate, 10.1% fixed income, 1.8% cash and 0.3% other.