New York State Deferred Compensation Plan, Albany, has issued an RFP for one or more firms to provide active fixed income management services within the plan's Stable Income Fund.
Stable value accounts for $8.7 billion of the 457 plan's $34.2 billion in assets. The RFP covers $1.65 billion, David Fischer, the plan's executive director, wrote in an email.
The contract could run be up to 10 years and could include a pair of one-year extensions subject the plan's governing board approval, the RFP said.
The current issuer of the separate account referenced by the RFP is Massachusetts Mutual Life Insurance, with assets managed by Barings, according to the RFP.
The incumbents are invited to rebid, Mr. Fischer wrote. The RFP is routine reflecting the Sept. 30, 2022, expiration of the managers' contract, he said.
Inquiries should be made through officials of the plan's independent consultant, Callan, at the following email addresses: [email protected] or [email protected].
Applications must be submitted by March 1, finalists will be selected by April 15 and interviews will take place May 13. The board is expected to decide by mid-May, the RFP said. Allocation of funds will take place on or about Nov. 1.
