North Branford, Conn., is searching for an investment consultant for its three defined benefit plans with $11.6 million in total assets.
The search is being conducted because the town council wants to review its options and see what else is out there, said Anthony Esposito, town treasurer and finance director. Morgan Stanley (MS) is the current investment consultant and is invited to rebid.
The plans consist of the $5.5 million Police Pension Plan, $4.3 million Employees' Pension Plan, and $1.8 million Merit Services Retirement Plan for Volunteer Fire/Ambulance Personnel.
The RFP is available on the town's website. Proposals are due by 10 a.m. EDT May 1. Mr. Esposito said he expects a selection to be made in May or June.