The two manager terminations stem from underperformance, asset outflows and high fees.
The current director is leaving next month for a neighboring plan.
The search is part of a 2024 pacing commitment plan.
The plan approved the search last month to comply with state procurement requirements.
The current provider will see its contract expire next year.
The plan issued an RFP in December after its previous outsourced cio was acquired.
The consultant will advise on four retirement funds.
The retirement fund also adopted a new long-term strategic asset allocation.
The two firms will handle a total of more than $2.5 billion.
The retirement association conducted a search to potentially replace Western Asset Management.