Overland Park, Kan., is searching for one or more investment consultants for its police and fire department pension funds and its retiree health-care benefit plan with $145 million in assets combined, said Mike Russo, manager of benefits and the city's retirement plans.
The city is also searching for a plan consultant for its $58.5 million defined contribution plan for municipal employees. The selected firm will provide investment and plan administration consulting and individual financial planning services.
The searches are being conducted due to a policy that services go out to bid "every so often," Mr. Russo said. The pension funds' current consultant, Dahab Associates, and the DC plan's current consultant, intellicents, formerly Alliance Benefit Group Financial Services, are invited to rebid.
The number of consultants that will be hired has not been determined. The investment consultant RFP is available on the city's website. The plan consultant RFP is also available on the city's website. All proposals are due by 3 p.m. CDT on Aug. 15. Hiring decisions could be made in the fall.
Both the $98 million police pension fund and $41 million fire fund have target asset allocations of 26% domestic large-cap value equity; 15% each international fixed income, domestic fixed income and domestic small-cap core equity; 14% domestic large-cap growth equity; and 5% each international developed markets equity, emerging markets equity and real estate.