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The expansion comes after the recent departure of the lead portfolio manager for the fund.
The plans conducted a similar search in 2019 that resulted in the hire of Voya Financial.
The newly created position reports to CEO Kathy Sutherland.
The plan added a private credit commitment at last month’s board meeting.
The plan received proposals from six consulting firms.
The plan launched a search earlier this year to replace a former manager that was terminated.
The plan will also renew the contract of a manager currently on watch.
She leads the firm’s engagement with current and prospective investors.
The plan replaced its intermediate fixed-income manager due to personnel changes at the firm.
The plan hired the firm for an $8 million mandate at its October board meeting.