The pilot program is expected to launch in mid-October and implementation is slated for January.
The plan first hired Highclere International Investors in 2019.
The investment committee approved selections after interviewing three finalists today.
A total of three firms will be interviewed at a special board meeting this week.
Plan terminated its passive fixed-income manager to improve historical risk-adjusted performance.
Selected firm was one of three candidates.
Program is seeking up to two firms to handle four investment options.
Plan approved a new asset allocation policy that addresses the current marketplace.
Plan’s passive investment exposure will now be with one manager.
Plan added infrastructure and private equity buyout commitments at today’s meeting.