The plan committed $700 million to two alternative managers.
The plan will receive a list of candidates at its June 25 board meeting.
The plan’s incumbent manager will cease operations next month.
The plan committed $25 million to the asset class for pacing purposes.
The plan hired three firms to replace its incumbent core fixed-income managers.
Plan approved four fund commitments totaling more than $360 million today.
The current director is retiring after more than 10 years in the position.
The firm replaces a manager that is closing next month.
Plan will ultimately move an approximately $300 million mandate to a more focused strategy from its incumbent.
The trust hired Invesco to manage the new asset class.