The Florida State Board of Administration (FSBA), which runs the $102bn Florida Retirement System, is to put four mandates out to tender as part of its plan to launch a new defined contribution scheme.
Two of mandates are for Treasury Inflation-Indexed Securities (TIIS or TIPS) and index funds. Searches for those two mandates will begin on June 11 and close June 18. The FSBA will receive trustee approval for manager choices on September 11.
Additionally on May 25 the FSBA will begin searches for a yield plus money market and an active non US equity managers. Those searches close on June 4 with appointments being decided by September 11.
The amount of the mandates has not yet been decided.
The FSBA is currently in the process of creating a new optional defined contribution plan, the Public Employee Optional Retirement Program. The PEORP will be available to Florida’s state employees’ from June 1, 2002.
CitiStreet, the joint venture between Citi Group and State Street Corporation, will provide custody services for the PEORP. Three consultants are assisting the FSBA in its defined contribution plan launch. Callan Associates are assisting with investment manager searches, Ennis Knupp for educational providers and William M Mercer is assisting with asset transfers.
By Geoffrey Ho
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.