Pennsylvania State Employees’ Retirement System, Harrisburg, hired RVK as general investment consultant for its $37.7 billion defined benefit plan, $4.1 billion 457 plan and $103 million 401(a) plan.
The retirement system’s board approved the hiring at its Sept. 24 meeting, a news release said.
PennSERS issued an RFP in April due to the upcoming expiration of current consultant Callan’s contract in February 2025.
System spokeswoman Pamela Hile said Callan was welcome to rebid for the services but would not say whether the firm did so. Finalist information was not provided.
Separately, the board at its Sept. 24 meeting approved a commitment for the pension plan of up to $75 million to LLR Equity Partners VII, a buyout fund managed by LLR Partners.
PennSERS previously committed $200 million to LLR Equity Partners VI in 2020.
The pension plan’s target allocation is 37% domestic equities, 19% fixed income, 16% private equity, 14% international developed markets equities, 7% real estate, 3% inflation protection, and 2% each emerging markets equities and cash.
