Simsbury wants consultant for new DC plan

Simsbury, Conn., and the Simsbury Board of Education are searching for a general consultant to assist in the implementation and oversight of a new defined contribution plan for some union employees, confirmed Thomas F. Cooke, director of administrative services.

The town hopes to have the new DC plan in place on July 1; the plan would be optional for new employees as of that date. The DC plan is being created to supplement reduced benefits for new employees in the town's three defined benefit plans.

The town's three defined benefit plans, for police, general government and board of education employees, have combined assets of about $40 million and will remain open, according to Mr. Cooke.

The RFP is available on the town's website. Proposals are due at 5 p.m. EST Feb. 8. The town hopes to have made a decision by the end of February.