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House Bill 506 shifts sole responsibility of the investment decisions for the state pension fund from the treasurer to a newly created, multi-member investment authority.
The retirement system will interview three general investment consultant finalists next month.
The retirement system approved private equity commitments across two managers at today’s board meeting.
The plan hired a new domestic fixed-income manager earlier this year.
The city is seeking to consolidate to a single bundled services provider from its current four.
Fund’s investors included a $1.3 billion commitment from the C$714.4 ($525.2) billion Canada Pension Plan Investment Board.
The retirement system added a new 10% target to the asset class in May.
The city does not currently utilize an investment advisor for its $455 million in cash and investments.
The retirement system’s director of public equity was also honored before his retirement later this month.
A university based in the Midwest is looking to hire a new director of investments following a recent departure.