The new structure will result in manager terminations and searches.
The plan approved the search at a board meeting earlier this week.
The plan approved launching a mid-cap index search for compliance reasons.
The search for each retirement plan is due to state statute requirements.
The contracts of incumbent providers will expire later this year.
The retirement fund terminated three managers at last month’s investment committee meeting.
The plan’s sole active large-cap growth equity manager has underperformed its benchmark.
Historic market concentration within the Standard & Poor’s 500 Index has led to a resurgence in active domestic large-cap core equity investing among institutional investors.
The board has hired two domestic equity managers to replace existing managers across its three investment plans.
The retirement system will conduct a search for three fixed-income mandates.