US - Batterymarch Financial Management, Inc has been dropped by the US$38.7bn Illinois Teachers' Retirement System (TRS) over performance issues.
The announcement came after it was revealed the funded status of TRS dropped to 56% in the last fiscal year, down from 64% the previous year (www.globalpensions.com; 3 November 2008).
TRS blamed the fall on investment declines, asset sales required to pay benefits during the fiscal year, and continued state underfunding, and made a number of changes to its "watch list", adding firms for underperformance.
The board of TRS has also approved a Request for Proposal (RFP) for transition managers. The search is being conducted as part of recurrent contract rebidding an ends 5 December 2008.
TRS provides retirement, disability, and survivor benefits to 355,584 members employed by elementary and secondary public schools located outside the city of Chicago.
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