Strategies include global investment grade, high yield, global bank loans, emerging market debt.
Move could boost returns by $2.5 billion over five years.
The state, facing a big shortfall in its own retirement programs, tries to eke out savings from municipal plans.
Buyout plans were expected to save $423 million, but only saved $13.1 million.
‘Invaluable’ Jose Gonzalez succeeds Kirk Sims, who left for the Texas Teachers’ Retirement System.