Pennsylvania Public School Employees’ Retirement System, Harrisburg, will launch a search for a general investment consultant later this year.
The $78.6 billion pension fund does not have a specific timeline but plans to issue an RFP sometime later this year, a spokesperson said.
Verus Advisory’s contract currently is set to expire June 6, but the spokesperson said PennPSERS will likely use at least one of two allowable one-year extensions. When the RFP is issued, Verus will be invited to rebid.
As of Sept. 30, the pension fund’s actual allocation was 43.4% equities, 31.3% fixed income, 24.1% real assets, 1.2% absolute return, 0.5% tail-risk mitigation, and -0.5% cash and equivalents.
The target allocation is 42% equities, 33.5% fixed income and 24.5% real assets.
The pension fund typically posts RFPs on the state’s procurement website.
