Searches and Hires

Elgin, Ill., looking for discretionary consultant for 2 pension funds

Elgin, Ill., is searching for at least one discretionary investment consultant for its $117 million Police Pension Fund and $87 million Firefighter Pension Fund, according to RFPs posted on the city's website.

The current consultant for both plans is Marquette Associates. Whether the firm is eligible to rebid, and whether the city is seeking one or two consultants, could not be immediately learned.

As of May 31, the police pension fund's asset allocation was 33.9% domestic equities, 31.9% fixed income, 17.6% international equities, 10.9% real estate, 5.1% global asset allocation and 0.6% cash.

Also as of May 31, the firefighter pension fund's asset allocation was 41% domestic equities, 33.2% fixed income, 19.9% international equities, 5.1% real estate and 0.8% cash.

The police pension fund RFP and firefighter pension fund RFP are available on the city's website. Proposals for both RFPs are due at 2 p.m. CDT on July 31. A timeline for a decision was not provided.

Debra Nawrocki, the city's chief financial officer, was not available to provide further information.