Champaign, IL – The State Universities Retirement System (SURS) Board of Trustees on Feb. 2 voted to retain incumbent defined contribution consultant CAPTRUST for the System’s two defined contribution plans for a five-year term, subject to successful contract negotiations.
Interviews and evaluations had been ongoing since October 2022. The other finalist was RVK.
SURS offers a core 401(a) defined contribution plan – the Retirement Savings Plan (RSP), and the voluntary 457(b) supplemental plan – the Deferred Compensation Plan (DCP). As of June 30, 2022, the RSP and DCP were valued at approximately $3.3 billion and $8.0 million, respectively.
In other business, the board committed $410 million to a private equity co-investment vehicle managed by Aksia LLC, subject to successful contract negotiations. This commitment expands the existing relationship as SURS had previously committed $200 million to a private equity co-investment vehicle managed by Aksia LLC.
SURS also approved real asset commitments totaling $90 million – $50 million to Brasa Real Estate Fund III and $40 million to Long Wharf Real Estate Partners VII, both subject to successful contract negotiations.
These are both existing relationships for SURS. SURS had previously committed $40 million to Long Wharf Real Estate Partners VI and $40 million to Brasa Real Estate Fund II.