Wayne County Employees pension fund renews call for consultant

Wayne County Employees' Retirement System, Detroit, on Wednesday issued a new RFP for an investment consultant.

Trustees of the retirement system's $750 million defined benefit plan had authorized a search for an investment consultant on Aug. 14, but that search was canceled. The new RFP asks for “further clarification” and removes “the geographic limitations as requirements,” according to a statement on WCERS' website. Consultants that responded to the August RFP will be asked to rebid.

According to minutes from the board's Oct. 16 meeting, responses were received from 16 investment consulting firms, including Gray & Co., Graystone Consulting, Hewitt EnnisKnupp, Marquette Associates and NEPC.

The pension fund has been without a consultant since the beginning of the year when the prior consultant's contract expired, said Kelly Tapper, division director.Ms. Tapper declined to name the previous consultant.

The RFP is on the pension fund's website. Responses are due at 3 p.m. EST Dec. 12.

Ms. Tapper said there is not specific timetable for selection but noted that trustees are “intent” on choosing a consultant as soon as possible.