"When we saw a disruption at Pimco, we thought it might be a good time to de-risk just by terminating Pimco versus pulling some from all managers," said George Hopkins, executive director of the Little Rock pension. Pimco had managed about $472 million for the system in its Total Return Fund, which Gross previously ran.

From California to Florida, U.S. public pensions are reviewing assets invested in Pimco. Gross, 70, who co-founded the Newport Beach, California-based money manager more than four decades ago, left last month for Janus Capital Group Inc. after deputies threatened to quit and management debated his ouster. His departure caused $23.5 billion in redemptions in September from the $201.6 billion Total Return Fund.

California Treasurer Bill Lockyer said last week that ScholarShare, the state's 529 college-savings plan, moved $262 million from the Total Return Fund to the TIAA-CREF Bond Plus Fund Institutional Share Class.