The Indiana Public Employees' Retirement Fund, Indianapolis, has begun a search for what eventually will be $2 billion to $2.5 billion in passive and enhanced passive U.S. equity assignments, said Garth Dickey, executive director of the $8 billion fund. The fund issued a broad agency announcement seeking managers for four assignments in both large- and small-cap passive and enhanced passive U.S. equity. Written questions about the announcement are due at Indiana's procurement office by Dec. 1, with proposals due Dec. 19. State rules prohibit potential vendors from contacting Indiana PERF staff. Additional information will be available on the Internet at www.state.in.us/idoa.
The Lansing (Mich.) Retirement System is issuing RFPs for consultant. Deadline is Jan. 8. The boards of the $218 million Policemen's & Firemen's Retirement Fund and $144 million City Employees' Retirement Fund will form a joint committee to review RFPs, said Bob Swanson, city finance director. The search is expected to be completed by March 1. Current consultant Hannah Group will be included.
The $220 million Miami Beach (Fla.) General Employees Retirement System is preparing RFPs for a custodian search. A deadline for RFPs has not been set, but the board is likely to review them in January. Fiduciary Trust International of the South, the current custodian, has had some software problems and consultant Dorn Helliesen & Cottle recommended a search, said Margaret Arculeo, pension administrator. Fiduciary Trust International will be included; officials there did not return calls seeking comment.
San Jose (Calif.) Retirement Systems officials are searching for a small-cap growth manager to run $25 million for the $900 million Federated City Employees Retirement System. Callan Associates is doing the preliminary screening; no RFPs will be sent out, said Ed Overton, retirement administrator. Incumbent George D. Bjurman will be included in the search. A decision is expected in the first quarter.
The $707 million State of Wisconsin's deferred compensation plan, Madison, will issue an RFP for a stable value fund manager in January, with final selection expected by May. The plan now has $129 million in stable value asset contracts with Great West Life. The search will be conducted to either replace Great West or to add a second stable value option. Officials also expect to add a mutual fund window option.
Aramark Corp., Philadelphia, is doing a preliminary search for an international equity mutual fund to add to its more than $500 million in 401(k) funds. The board could make a decision in the first quarter of 1998. Aramark, which offers seven options now, is doing the work in-house. The company has five plans, all with the same options, using an unbundled approach, with two record keepers and three investment managers and a separate trustee.
The $300 million Plymouth County Retirement System, Plymouth, Mass., is conducting a search for a consultant, said John McLellan, board chairman of the fund. The consultant, which could be hired at the Jan. 27 board meeting, will help fund officials decide whether to hire money managers or allocate additional assets to existing managers. The incumbent is Hannah Group, which will be allowed to respond, Mr. McLellan said.
The $4 billion Indiana State Teachers' Retirement System, Indianapolis, set the asset allocations within its broad 36% allocation to U.S. stocks: 25% of the domestic equity allocation will be indexed to the S&P 500; 25%, an enhanced indexed portfolio; 10% each to active large-cap value and large-cap growth portfolios; 15% to a midcap broad manager; and 7.5% each in small-cap value and small cap-growth stocks. Robert Newland, the fund's investment officer, said manager searches probably won't begin until next year; the board hasn't decided which allocation will be first. Callan Associates assisted.
Reynolds & Reynolds Co., Dayton, Ohio, will be selecting new investment options for its $350 million defined contribution plan in the next 30 to 45 days, said Craig Currier, director of corporate pension administration. Officials will select nine equity funds, a bond fund, a balanced fund and two international or global funds. The newly structured plan also will have a second tier of funds plus a managed brokerage account. Aon Consulting will assist.
The $1.6 billion Ventura County Employee Retirement Association, Ventura, Calif., will begin an asset allocation study in December, and plans to finish it by February, said Van Perris, retirement manager. Asset Strategy Consulting will conduct the study for the fund. The current asset mix is: 40% domestic equity; 10% international equity; 20% domestic fixed; 10% global bonds; 5% real estate; and 15% U.S. tactical asset allocation.
The $650 million Knoxville (Tenn.) Employees Pension Fund is conducting an asset-liability study that is expected to be finished mid-December, said Mike Cherry, executive director. Results probably will be discussed at the board's January meeting. The fund now has 60% in equities and 40% in domestic bonds. The fund also is reviewing RFPs from its ongoing custodian search. A decision is expected within 60 days.
