Ohio Public Employees Retirement System hired McLagan Partners as a project consultant to provide comprehensive reviews of OPERS' investment staff compensation as well as an incentive compensation plan design, OPERS spokesman Michael Pramik said in an email.
The $101.4 billion retirement system issued two RFPs in February, one for a firm to provide a comprehensive pay study of "competitive pay rates for the professional-level positions in our investment division" and another for a firm to collect core principles and concerns with the current incentive compensation plan design and then "perform a comprehensive review of the current plan, and present to the board recommendations for a design (that) addresses the core principles and stated concerns," the RFPs said. Mr. Pramik said McLagan Partners was hired for both assignments.
Mr. Pramik had said in February that the retirement system conducts these projects from time to time as part of its overall comprehensive review process. The last pay study took place in 2016, and the last incentive compensation review was in 2013.
OPERS investment staff consists of about 40 positions. As of Sept. 30, according to Pensions & Investments data, about $42.2 billion of the $99.1 billion in defined benefit plan assets were internally managed.