Florida’s Orange County looking for investment consultant for 457 plan

Orange County Board of Commissioners, Orlando, Fla., plans to issue an RFP by mid-February for an investment consultant for the $152 million Orange County Section 457 Deferred Compensation Plan and the $38 million Orange County Section 115 Retiree Health Care Trust, said Mark Fostier, assistant comptroller.

The comptroller’s office, which administers the plans, hired Benchmark Financial Services, a money management forensics consulting firm, to conduct due diligence reviews on the proposals to determine whether the prospective consulting firms are free of conflicts of interest and conform to Florida law requiring consultant independence of brokerage and money management firms, Mr. Fostier said.

The county board plans to hire one consulting firm for both plans, Mr. Fostier said.

The county board is planning the RFP because it has been five years since it has done a search and wants to gauge the market for investment consulting services and because the contract of Bogdahn Group, the incumbent, expires May 31, Mr. Fostier said. Bogdahn may rebid, he added.

The board plans to keep the RFP open for about three weeks; it will post the RFP on its website, Mr. Fostier said.

The procurement committee will make a recommendation to the board, which is expected to make a decision in late April or early May, Mr. Fostier said.

The participant-directed 457 plan offers 30 investments options managed by Vanguard Group and seven managed by Dimensional Fund Advisors, Mr. Fostier said.

The 115 trust, whose allocation the comptroller’s office directs, is invested in Vanguard-managed domestic, international and bond index funds, Mr. Fostier said.