Orange County (Fla.) looks for investment consultant
By Barry B. Burr | February 19, 2013 2:18 pm
Orange County Board of County Commissioners, Orlando, Fla., issued an RFP Monday 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.
The board plans to hire one firm for both plans.
The county board issued the RFP because the contract of The Bogdahn Group, the incumbent, expires May 31. Bogdahn may rebid, said Mark Fostier, assistant comptroller. The county comptroller's office administers the plans.
Proposals are due March 14.
The RFP is available on the county's website.
To qualify for consideration, responding consulting firms must be free of any affiliation with any organization that provides or derives any compensation from investment management, brokerage or insurance services, according to the RFP. Benchmark Financial Services was hired to conduct due diligence reviews of prospective firms' conflicts of interest.
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, which is also the record keeper, and seven managed by Dimensional Fund Advisors, Mr. Fostier said. In addition, ING has $4 million that is being transferred gradually to Vanguard over a 10-year period as part of a termination of an annuity contract.
The 115 trust, whose allocation the comptroller's office directs, is invested in Vanguard index funds, Mr. Fostier said.