Illinois Municipal Retirement Fund, Oak Brook, on Thursday issued an RFP for consultants to provide general investment, real estate and performance measurement services.
The $33.8 billion defined benefit pension plan will consider one consultant for all services or separate firms for each, according to the RFP. Selected firms will work under a five-year contract effective Jan. 1, 2015.
Callan Associates currently provides all of the services for the pension fund. Its contract with IMRF expires Dec. 31; the firm can rebid, said John Krupa, IMRF spokesman
IMRF reviews its strategic asset allocation each year and conducts an asset-liability study every three years. As of Jan. 1, its target allocations were 38% U.S. equity, 27% fixed income, 17% international equity, 9% alternatives, 8% real estate and 1% cash. The last asset-liability study was completed in November.
The RFP is on IMRF's website. Proposals are due June 13. Selections are expected by Oct. 23.