System initially hired Callan as general investment consultant for its defined contribution plans in December 2020 and last renewed its record keeping contract earlier that year.

Plan committed an additional $350 million to its in-state private equity investment program, which was established in 2000.

Plan currently works with general investment consultant Innovest Portfolio Solutions.

Plan will expand its team with the addition of two senior investment officers to focus on private markets and an investment officer to assist in managing its public market portfolios.

Plan’s board committed $130 million to a private equity energy fund and was notified of an additional private equity commitment this week.

Plan’s new 4% target to private equity will help increase its expected return.