SEARCHES AND HIRES

Bloomfield Township looking for investment consultant for DC, DB, other plans

Charter Township of Bloomfield, Bloomfield Hills, Mich., is searching for a consultant to advise the municipality on the investment of various funds under its administration with assets totaling $92.5 million.

The township does not have an independent board overseeing the management of its defined benefit, defined contribution, college savings plan and retiree health-care plans. The investment consulting firm selected will be expected to advise the Bloomfield Township Board of Trustees on investment issues as well as conduct asset-allocation reviews; develop and update investment and transition plans and investment policy guidelines; and provide performance reporting, according to the RFP.

The successful consulting firm will advise trustees on the township's $5 million 401(a) and $21 million 457(b) defined contribution plans; $55 million equity fund of its defined benefit plan (an additional $160 million of defined benefit plan assets will not be included in the consultant's advisory duties); $10 million Voluntary Employees' Benefit Association fund and $900,000 Retirement Health Savings Plan; and $600,000 529 College Savings Plan.

The current consultant is Gregory J. Schwartz & Co.

Brian E. Kepes, the township treasurer, was not available to comment about the RFP and whether the incumbent consultant may rebid. Completed proposals must be returned to Bloomfield Township offices by 5 p.m. on June 15. Finalists will be interviewed between Aug. 7 and Aug. 17, the RFP showed.