West Reading, Pa., scanning for DB investment manager, administrator
By Rob Kozlowski | March 5, 2013 3:13 pm
West Reading, Pa., is searching for an investment manager and plan administrator for its two defined benefit pension plans, confirmed Richard J. Sichler, borough manager.
The borough has issued an RFP for a single manager to work with both plans. The current managers and administrators are McGlinn Capital Management for the $3 million Police Pension Plan and The Standard for the $2 million Non-Uniformed Pension Plan.
McGlinn is eligible to rebid, while The Standard is not because it uses an insurance product the borough has decided it no longer would use, said Mr. Sichler.
The RFP is available on the borough's website. Proposals are due at 1 p.m. EDT on March 22. A selection is expected to be made by April 12.