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The intelligence graph connecting private capital, companies and real assets. Public records ingested on their own cadence, resolved to one identity by shared identifier, connected by typed relationships with a date and a source on every edge, and read by detectors that say what changed and what it means. Facts, derived metrics, signals, anomalies and inferences are labelled as such.

45 plans over $1B changed a consultant or plan adviser on Schedule C; Nys Teachers' Retirement System is the largest at $154.2B | DFX Data Factory

SignalAllocatorsconfidence moderate

45 plans over $1B changed a consultant or plan adviser on Schedule C; Nys Teachers' Retirement System is the largest at $154.2B

a detector's reading of facts over time and relationships; a reading, not a fact

What happened

Across 80 plans, 42 consultant appearances and 39 disappearances on Schedule C between adjacent filing years, 45 of them at plans reporting $1B or more. Appeared: Wipfli Advisory LLC at National Electrical Benefit Fund ($22.5B); MRI Software LLC at National Electrical Benefit Fund ($22.5B); Tier 1 Consultants LLC at Bricklayers & Trowel Trades International Pension Fund ($2.1B). No longer on the schedule: Callan LLC at Nys Teachers' Retirement System ($154.2B); Mercer at Virginia Retirement System (VRS) ($114.4B); Mercer at Virginia Retirement System (VRS) ($114.4B); Aksia LLC at Oregon Public Employees Retirement Fund ($98.0B).

Why it is notable

The consultant decides the manager shortlist, so a consultant change at a large plan is the earliest public sign that the manager roster is about to be rebuilt. Schedule C is a fee disclosure, so an appearance is a provider that crossed $5,000 of compensation and a disappearance is one that fell below it or stopped: it is a signal to call the plan, not a filed termination.

When

Occurred: Aug 12, 2026
Window: Aug 14, 2025 to Aug 12, 2026
First detected: Sep 15, 2026, 7:01 PM UTC
Last confirmed: Sep 18, 2026, 2:43 PM UTC

Entities involved

What supports it

40 evidence rows

filing
New York State Teachers' Retirement System (NYSTRS) selects Callan LLC as general consultant
Form 5500Jan 28, 2026al_pub_event.event_id=1ca829b6-3812-43e0-a3cb-2dc5fcf21b7d
filing
Virginia Retirement System (VRS) selects Mercer as general consultant
Form 5500Feb 5, 2026al_pub_event.event_id=7b321ae0-5344-4dad-90fe-8363eeb44d39
filing
Virginia Retirement System (VRS) selects Mercer as general consultant
Form 5500Apr 23, 2026al_pub_event.event_id=8b827efc-821a-4ef1-9c20-877bdd4a553d
filing
Oregon Investment Council (Oregon PERF), Oregon State Treasury selects Aksia as specialist consultant
Form 5500

Metrics

left: 39
plans: 80
appeared: 42
manager ended: 67
manager started: 42
consultant changes: 109
large plan changes: 45

rows

plan	plan id	provider	plan year	confidence	plan class	occurred at	present now	provider id	primary state	service codes	total assets usd
Nys Teachers' Retirement System

Method and coverage

Detector: AL_CONSULTANT_CHANGE_LARGE_PLAN v1
Kind: SIGNAL: a detector's reading of facts over time and relationships; a reading, not a fact
Query: al_pub_event CONSULTANT_CHANGED joined to al_pub_allocator, total_assets_usd >= 1e9, last 400 days
Coverage: Form 5500 Schedule C lists a provider paid $5,000 or more; an absence the next year is a fee below the threshold, a mandate that ended, or compensation that moved to indirect. Providers are matched by EIN where the filer gives one and by a two-word name stem otherwise. Measured on a blind sample of 30 on 2026-09-15 (run y1): 24 correct, the six misses being four providers filed with no service-code rows in DOL's partial 2025 file, one on neither year and one in the opposite direction. The plan year in the headline is DOL's file year, which usually carries the prior plan year's filing.