Passive Equity
The plan is looking to invest up to $175 million initially with the selected manager.
The plan replaced both its passive equity and fixed-income mandates with Vanguard Group after receiving an annual share class review in February.
The plan liquidated its inhouse passive global equity mandate and made $1.6 billion in total commitments in April.
The fund will consider closing its investment in an emerging markets index strategy and transferring the proceeds into a new passive vehicle with an existing manager to provide additional flexibility regarding its exposure to China.
The plan, which last conducted a similar search in 2010, will issue the RFP later next month.
The two incumbents were the only firms that submitted proposals.
The plan introduced a 5% target to private debt and restructured its U.S. fixed-income and both U.S. and non-U.S. equity portfolios last week.
The plan transferred the assets to an existing Standard & Poor’s 500 Index mandate last week.
The recommended changes include introducing a 5% target to private debt and restructuring the plan’s U.S. fixed-income and both U.S. and non-U.S. equity portfolios.
New equity portfolio structure both increases the domestic large-cap allocation and shifts it totally to passive investment.