Taunton (Mass.) Contributory Retirement System is looking to commit $2 million to a timber fund.
The $360 million pension fund issued an RFP to comply with Massachusetts Public Employee Retirement Administration Commission rules requiring services to be put up for bid every seven years, said Paul J. Slivinski, the pension fund's executive director, in an email.
The RFP allows proposals from managers of both closed-end and open-end funds. The pension fund is currently invested in an open-end fund managed by Molpus Woodlands Group.
Investment consultant Dahab Associates is assisting. Kevin Condy, director of research at the firm, said in an email the firm and the pension fund are analyzing whether Molpus' plan to extend the life of its timber fund is the most advantageous option for Taunton. He added that Molpus is eligible to rebid.
As of Sept. 30, the pension fund's actual allocation to alternative assets was 2%; the target is 5%.
The RFP is available on Dahab's website. Proposals are due at noon EST on Jan. 18. A timeline for a selection has yet to be determined sometime after the first quarter, Mr. Slivinski said.