Searches And Hires
The three new commitments will total up to $130 million following approval from the full board later this month.
The search is being conducted in anticipation of the Dec. 31 contract expiration of incumbent Nationwide Retirement Solutions.
The search comes as the plan’s incumbent will see its contract expire this year.
The commitment represents a new relationship for the plan.
The plan replaced both its passive equity and fixed-income mandates with Vanguard Group after receiving an annual share class review in February.
Plan also expects to receive an international value equity manager search update form its consultant later this month.
The plan liquidated its inhouse passive global equity mandate and made $1.6 billion in total commitments in April.
The secure choice savings program was created in 2021.
The plan established a 2% allocation to the asset class earlier this year.
Plan added a $50 million commitment to an existing manager relationship.