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
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