Palm Beach taps sole consultant for town’s retirement plans

Palm Beach, Fla., hired Segal Rogerscasey as general consultant for its frozen $175 million defined benefit pension plan, its new hybrid plan and existing defined contribution plans, confirmed William Hanes, retirement administrator.

The town froze its three defined benefit plans — Firefighters, General Employees' and Police Officers' retirement systems, on May 1. On Oct. 1, the frozen plans will be merged into the single Town of Palm Beach Retirement System.

The town's new hybrid defined benefit/401(a) plan took effect on May 1.

An RFP was issued in April for a single general consultant to advise and help create the new hybrid plan, as well as advise the frozen DB plan and the town's existing 457 and 401(a) defined contribution plans.

Incumbent firefighters' and police officers' consultant Prime Buchholz and general employees' consultant Callan Associates both rebid.

Callan was a finalist, along with Bogdahn Group and Graystone Consulting.

Mr. Hanes had no further information on the town's existing DC plans.