Target Date Funds
The current target date fund provider handles $7.2 billion.
The plans are reviewing recommendations to replace three existing managers.
The plan will put more than $14 billion out for bid.
The plan’s incumbent managers were first hired in 2018.
The program is searching for administration, management and investment management services.
The plan replaced two existing managers in the fourth quarter due to underperformance.
The plan replaced its target date fund manager due to the firm’s underperformance.
The plan will soon issue RFPs for two investment consulting services providers.
The pilot program is expected to launch in mid-October and implementation is slated for January.
The plan will consider swapping one target-date fund manager for Vanguard Group to cut costs.