Pennsylvania Public School Employees' Retirement System, Harrisburg, is searching for an investment consultant for its $138 million School Employees' Defined Contribution Plan.
The retirement system is seeking a firm to provide services that include ongoing analysis and monitoring of the plan's investment lineup, an annual review of the lineup, and ongoing recommendations regarding the addition and removal of investment options, according to an RFP posted on the state's procurement website.
The School Employees' Defined Contribution Plan was created by a pension reform law in 2017. School employees hired on or after July 1, 2019, have had the choice of one of three participant classes: two classes consisting of a defined benefit component and a defined contribution component, and one with only the defined contribution component.
The RFP does not disclose whether the plan has a consultant yet. Its record keeper is Voya Financial.
The RFP is available on the state's procurement website. Proposals are due at 4 p.m. EDT on Sept. 29. A timeline for a selection was not provided.
PennPSERS spokesman Steve Esack could not be immediately reached for further information.