Highland Park (Ill.) Police Pension Fund and Highland Park Firefighters Pension Fund are searching for investment managers to invest all or some of the funds' assets, said Julie Logan, the city's finance director.
The search is being conducted for due diligence purposes. Searches are also anticipated for legal and actuarial services.
PNC Investments currently manages all assets for the police and firefighters' pension funds and is invited to rebid
Although it is a joint RFP, the hiring decisions will be made separately by the pension fund boards.
The RFP is available on the city's website.
Proposals are due by 4 p.m. CST on March 1. Finalist interviews are anticipated on April 18 with a hiring decision that day or sometime after.
The police pension fund has $36 million in assets and the firefighters' pension fund, $37 million.
Both pension funds have a target asset allocation of 54% U.S. equity, 40% fixed income and 6% international equity.