Fort Lauderdale Police & Fire pension fund seeks actuarial consultant

Fort Lauderdale (Fla.) Police & Fire Retirement System is searching for an actuarial consultant, confirmed Fred Nesbitt, director of public information.

The $524 million pension fund's current consultant, Nyhart, is eligible to rebid. Nyhart bought out Stanley, Holcombe & Associates in 2011, which had been the pension fund's consultant for 15 years, according to Mr. Nesbitt.

The RFP was issued because of the retirement of the pension fund's longtime actuary, Stanley Holcombe co-founder Randall Stanley, Mr. Nesbitt said.

The RFP is available from the fund's website. Proposals are due at 3 p.m. EST on Nov. 9. A timetable for a decision has yet to be determined.

Separately, the board at its Sept. 21 meeting retained the pension fund's current investment policy and asset allocation.

The discussion follows the Fort Lauderdale city commission's Sept. 6 vote to issue a total of $340 million in pension obligation bonds to be split between the police and fire pension fund and the $305 million Fort Lauderdale General Employees' Retirement System.

Mr. Nesbitt said the board and investment consultant CapTrust Advisors will further discuss at its Oct. 17 meeting how to distribute the assets among its current managers.