Multi-Asset Credit Fund

Pursuant to the provisions of 9 NYCRR, Section 9003.2 authorized by Section 5 of the State Finance Law, the New York State Deferred Compensation Board, beginning October 16, 2024, is soliciting proposals from financial organizations to provide a Multi-Asset Credit Fund.

This fund will represent an investment option under the Deferred Compensation Plan for Employees of the State of New York and Other Participating Public Jurisdictions, a plan meeting the requirements of Section 457 of the Internal Revenue Code and Section 5 of the State Finance Law, including all rules and regulations issued pursuant thereto. A copy of the request for proposals will be posted on Callan’s website ( callan.com ) and the Board website ( www.deferredcompboard.ny.gov ). All proposals must be received no later than 5 PM Eastern time on December 3, 2024.

The Board is seeking proposals from financial organizations to provide a Multi-Asset Credit Fund.

Product Design for Multi-Asset Credit Funds: Responding multi-asset credit funds should offer exposure to predominantly US-dollar denominated investment grade fixed income credit securities, such as corporate bonds and securitized products (mortgage-backed securities, asset-backed securities, commercial mortgage-backed securities, CLOs, etc.), with an average portfolio credit rating of investment grade. Products that will be considered should be benchmarked to the Bloomberg Aggregate, Bloomberg Universal, or a cash + benchmark such as the 90-Day Treasury Bill + 3%. This RFP does not seek responses from Core Plus funds or from leveraged finance-focused funds that have an average credit rating of below investment grade. The RFP will seek well-funded daily valued, daily liquid collective vehicles for which the Plan is eligible, such as mutual funds and collective investment trusts, not separately managed accounts.