NEW YORK -- The $3.49 billion New York City Deferred Compensation Plan has issued six RFPs because several manager contracts will expire next year.
The requests for proposals are for five options -- money market; balanced; small-capitalization equity; international equity; intermediate-term bond -- and for custodian.
AIM Advisors Inc., Houston, Texas, manages two of the options -- the money market and intermediate-term bond funds. Vanguard Group Inc., Valley Forge, Pa., runs one, a balanced fund, and two (small-cap equity and international equity) are managed by T. Rowe Price Associates, Baltimore.
The custodial service contract, which had been for two years, is being revised to a five-year contract. Chase Manhattan Corp., New York, is the incumbent.
Like the old ones, the new manager contracts will be for three years, but, for the first time, will include one or two-year renewal options, said Lou Porpora, contracts supervisor.
He said city officials have not been displeased with the current managers, which may rebid.
Four of the contracts are due to expire June 30, 2000, he said, and two others will run out March 31, 2000, and Dec. 31, 2000, respectively.
Three other options -- stable value, equity index and socially responsible funds -- aren't affected.
