Capital Metro Transportation sets off on consultant hunt

Capital Metropolitan Transportation Authority, Austin, Texas, is searching for an investment consultant for its defined benefit pension plan and three 401(k) plans, confirmed Jean Burnett, contracts administrator II.

The authority is looking for one consultant for all four plans that have a combined $29 million in assets. Incumbent Cornerstone Advisors is invited to rebid. Its contract is expiring, Ms. Burnett said in a telephone interview.

The DB pension plan, which has about $14 million in assets, has an asset allocation of 48.25% domestic equity, 37.45% domestic fixed income and 14.3% international equity.

The 401(k) plans, with about $15 million in combined assets, have the same 16 investment options, in addition to a series of retirement income funds.

The RFP is available on procurement website of Onvia DemandStar.

Proposals are due at 3 p.m. CST Jan. 28. A hiring decision is expected in March.