Western Asset Management had been on the plan’s watchlist since September.
The retirement system will also see its executive director resign on Friday after less than a year in the role.
The new director of consultant relations joined from Fiducient Advisors, where she was a senior research analyst.
The agency is seeking an executive search firm to assist with both its executive director and chief financial operating officer recruitment.
The position reports to Deputy CIO of Private Markets Allen Waldrop and CIO Marcus Frampton.
The plan issued an RFP in June “as part of its fiduciary responsibility.”
The new hire will work alongside Co-Head of Global High-Yield Sunita Kara.
The new deputy executive director has been with the plan for more than five years.
The board has hired two domestic equity managers to replace existing managers across its three investment plans.
The deferred compensation plan is looking to add a complementary manager to its U.S. bond option.