Illinois Municipal Retirement Fund, Oak Brook, hired Wilshire Associates as investment consultant, spokesman John Krupa said in an email.
The $42.8 billion pension fund issued an RFP in March due to a requirement by the state of Illinois to put services up for bid every five years. Current consultant Callan was the other finalist.
As of June 30, the pension fund's actual allocation was: 40% domestic equities, 29% fixed income, 19% international equities, 7% real estate, 5% alternative investments and the rest in cash and equivalents.
IMRF's target allocation is 37% domestic equities, 28% fixed income, 18% international equities, 9% real estate, 7% alternative investments and 1% cash.