Administration June 10, 2010

Highway Patrol on the Lookout for Microcap Manager

June 10, 2010 (PLANSPONSOR.com) – The Ohio Highway Patrol Retirement System (HPRS) has issued a $10 million request for proposal (RFP) for a domestic microcap strategy.
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HPRS says it is seeking to identify candidates that may complement its existing investments which, in the aggregate, are structured with the goal of “meeting or exceeding the System’s 8% actuarial rate of return without taking undue risks”. 

According to the announcement, HPRS is interested in evaluating managers who are qualified to operate an investment of approximately $10,000,000, and the “product of interest” should be a long only domestic equity strategy focused exclusively on Micro Cap, according to HPRS.

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HPRS says that the selected firm will:

  • be a SEC registered investment adviser;
  • have at least $50 million in assets under management and at least $20 million in the particular product being offered; and
  • have at least 5 years in operation as a firm.

Additionally, respondents that may be classified as Ohio-based and/or minority/female-owned companies as defined by the Ohio Revised Code should indicate as such.

Qualified candidates electing to respond to this RFP must submit their proposal electronically no later than June 20, 2010. An initial review will be done via a review of quantitative data, and qualitative reviews will be conducted with a select group of candidates after the initial review.

More information is available at https://www.ohprs.org/ohprs/Investments.jsp

Products June 10, 2010

MD Looking for 403(b) Plan Provider

June 10, 2010 (PLANSPONSOR.com) - The Maryland State Retirement Agency has issued a request for proposal (RFP) seeking investment and recordkeeping services for its Optional Retirement Program (ORP).
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The ORP is available only to eligible employees of Maryland’s public higher education institutions as an alternative to the state’s defined benefit pension plan. A benefits handbook on the MSRA Web site says the plan is a 403(b) plan funded by employer contributions.  

According to an MSRA announcement, higher education employees can currently choose to open an ORP account with one of two vendors, TIAA-CREF or Fidelity.  By the terms of its agreement with the System, Fidelity’s ORP contract expires on December 31, 2010.    

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Each vendor accounts for individual allocation of contributions, earnings and withdrawals, provides management and recordkeeping services, produces quarterly individual participant statements, maintains individual participant records, and provides on-site marketing and enrollment services, the announcement said.    

As of December 31, 2009, there were more than 36,000 active and inactive participants in the ORP with about 16,000 contributing.  Total ORP assets were $1.87 billion.  There are 36 institutions around the State of Maryland with eligible employees that participate in the ORP.    

A copy of the RFP can be found at http://www.sra.state.md.us/Agency/Investment/OptionalRetirementProgram.aspx.

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