CalSTRS’ investment committee approved launching this winter an RFP for the committee’s general investment consultant, with finalists to be presented to the committee in March.
The committee of the $346.5 billion California State Teachers' Retirement System, West Sacramento, approved the RFP at its Jan. 8 meeting.
Incumbent general investment consultant Meketa Investment Group’s contract will expire June 30. The new consulting contract will begin July 1. The RFP will be posted on the pension fund's website.
Separately, following a competitive process, CalSTRS officials rehired Voya Financial to serve as record keeper for its 403(b) and 457 plans, which have $2.5 billion in total assets, CalSTRS CEO Cassandra Lichnock reported to the board at its Jan. 9 meeting.
Voya has committed to a renewed focus to engage educators and employers through marketing, outreach and education efforts, Lichnock told the board. In addition, participants of the plans, which are known as Pension2, will receive a contractually guaranteed 4% interest rate on the Voya Fixed Plus III stable value investment option until 2027. About a third of the plans' assets, 33.3%, were invested in the guaranteed option as of June 30, according to the semiannual investment activity report.