Searches and Hires

Portsmouth, Va., issues call for consultant for pension plans

Portsmouth, Va., is searching for an investment consultant for its two defined benefit plans, said an RFP posted on the DemandStar procurement website.

The plans, which have combined assets of $228 million, are the Supplemental Retirement System and Fire and Police Retirement System. The assets of both systems are combined in one investment trust.

The current consultant is John Hancock Trust Co., according to the RFP. Whether the firm is eligible to rebid could not be immediately learned.

The trust's target allocation is 50% domestic equities, 30% fixed income, 15% international equities, 2% each alternative investments and real estate, and 1% cash.

The RFP is available on the DemandStar procurement website. Registration is required. Proposals are due at 2 p.m. EDT on March 22. Finalist interviews are scheduled for the week of April 9, with an agreement expected the week of April 16.

Michael Ammons, purchasing administrator, could not be immediately reached to provide further information.