San Francisco City & County Employees’ Retirement System hired T. Rowe Price as customized target-date fund series manager for its $4.8 billion 457 plan.
The retirement system’s board approved the selection at its Oct. 20 meeting, spokesman Stephen Worsfold said in an email.
SFERS had issued an RFP in June due to the upcoming expiration of current manager Russell Investments’ contract on Dec. 31. Russell Investments was one of eight managers to submit bids but was not named a finalist.
As of Dec. 31, Russell Investments’ customized target-date fund lineup had a total of $997 million in plan assets.
The other finalists were AllianceBernstein and State Street Global Advisors.
Investment consultant Callan assisted.