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The plan will launch a credit manager RFP next month to fill a maiden allocation to the asset class.
The firm was first hired in 2016.
The plan terminated a core real estate manager that had been on watch since March for both organizational and performance reasons.
The new structure introduces a target to short-duration fixed-income and eliminates the plan’s passive core fixed-income target.
The firm has promoted one new partner and five managing directors.
The plan approved one private equity commitment and opted against a second last week.
The board has been working with its two incumbent record keepers for the plan since its inception in 1990.
The plan added commitments totaling $45 million in the last several months.
The firm had been on watch since the third quarter of 2019 due to underperformance.
The plan recently increased its domestic equity targets by reducing its floating rate corporate loans target.