Saugus Retirement seeks investment consultant

Saugus (Mass.) Retirement System is searching for an investment consultant for the $87 million defined benefit plan.

The pension plan currently has its assets invested by the Massachusetts Pension Reserves Investment Management Board, said Ann C. Quinlan, Saugus Retirement System board administrator. But because the retirement system is almost fully funded, the board decided that the pension fund has a better chance of getting better returns if it invests at least part of its portfolio on its own with the help of an investment consultant.

The board has not decided how much of the portfolio will be invested independently and how much will remain with MassPRIM.

A copy of the RFP can be obtained by contacting Ms. Quinlan via email at Proposals are due by 4 p.m. EDT on April 11. A selection is expected to be made in May or June, Ms. Quinlan said.