Tulare County Employees' Retirement Association, Visalia, Calif., plans to issue an RFP seeking investment consulting services, confirmed Leanne Malison, retirement administrator for the $1.6 billion plan, in an email.
The creation of an RFP was approved at the retirement association's Wednesday board meeting because Verus Advisory has been the plan's investment consultant for 10 years and the board "felt it was incumbent upon them to ensure that they are adequately informed regarding investment consulting services available," Ms. Malison wrote.
TCERA anticipates that Verus will submit a proposal.
TCERA staff has been directed to prepare an RFP and bring it to the board for future review. A timeline for releasing the RFP has not yet been established.
The board also agreed at its meeting to terminate its $5 million cash overlay program managed by Parametric Portfolio Associates to simplify the portfolio and protect liquidity during volatile markets. The proceeds will be placed in cash.