Killingworth, Conn., is searching for a firm to manage the combined $2.5 million in assets of the town's two pension plans, confirmed Gina Regolo, town finance director.
Merrill Lynch is the current consultant for the $1.7 million Killingworth Municipal Employee Pension Plan, and the $850,000 in assets for the Killingworth Volunteer Fire Company Pension Plan are currently in a high-yield savings account with TD Bank.
Ms. Regolo said Merrill Lynch will not rebid as it is getting out of the municipal pension market and the town is looking to move the TD Bank assets to investments that will provide higher returns.
The RFP and plan summaries are available on the town of Killingworth's website. Proposals are due at 4 p.m. EST Nov. 13. A hiring decision is expected before the end of the year.