New York State Deferred Compensation Plan, Albany, issued an RFP for three passive strategies totaling $5.9 billion in assets — U.S. large-cap equity, U.S. smidcap equity and U.S. core fixed income.
Each investment is managed by BlackRock, which is invited to rebid, said the RFP from the $38.7 billion plan’s board of trustees issued Sept. 6.
The large-cap equity allocation is currently invested in the BlackRock Equity Index fund, whose assets of $4.1 billion represent 10.6% of total plan assets. The smidcap amount is invested in the BlackRock Russell 2500 Index fund, whose assets of $1 billion account for 2.6% of total plan assets.
The core fixed-income allocation is invested in the BlackRock U.S. Debt Index fund, whose assets of $802 million represent 2.1% of total plan assets.
The deferred compensation plan is issuing the RFP because each contract will expire June 30, 2025, said Sharon Lukacs, executive director, in an email. The contracts will run for eight years, she added.
Investment consultant Callan is assisting with the search. The RFP is available on Callan's website. Proposals are due Oct. 4. Finalists will be interviewed in November, and the board will make its choices in December. Funds will be allocated in July 2025.
