Milwaukee Deferred Comp issues consultant RFP for 'soup-to-nuts' review
By Barry B. Burr | March 4, 2013 2:01 pm
City of Milwaukee 457 Deferred Compensation Board issued an RFP searching for investment consulting services for its $676 million plan.
The board is dividing the consulting work into two phases, according to a letter accompanying the RFP.
For the first phase, the board wants the consulting firm to complete a “'soup-to-nuts' best practices review of the plan,” including among the top priorities an evaluation of the plan's current investment option lineup. The review would include analysis of whether to retain the current fund-of-funds approach and whether to add managed accounts, target-date funds, or similar “one-stop” solutions, as well as financial planning services for participants; fee analysis; benchmark analysis; and governance best practices.
The plan offers 10 investment options, most run by multiple managers.
At the completion of phase one, the board plans to consider whether to retain the consultant for ongoing evaluation of the plan, including fund manager performance and fees and benchmarks, or issue another RFP for the phase two consulting work. If the board issues another RFP, the consulting firm hired for phase one would have an opportunity to bid.
The RFP is available from the city's website. Proposals are due April 19. The board expects to make a decision June. 20.
The RFP lists Mercer Investment Consulting as currently providing consulting services, but further information was unavailable.
Witold Dziadowicz, executive director of the plan, declined to comment.