The authority is seeking a firm to manage its $2.2 billion portfolio.
The pension fund concluded its investment consultant search last month.
The state deferred compensation fund’s current stable value manager handles $8.3 billion.
The plan committed $20 million to the asset class for pacing purposes.
The managing director retired after more than 20 years at the firm.
The retirement system does not currently utilize an investment consultant.
The retirement system is looking to index its international equity portfolio.
The plan will put three mandates out for bid next year.
The firm has underperformed its benchmark for the quarter as well as the one- and three-year time periods.
The plan interviewed five total private equity firms last quarter.