Orange County Deferred Compensation 457 Plan, Orlando, Fla., expects to search for a consultant, said Mark Fostier, assistant comptroller. The consultant would initially assist the $130 million plan in searching for investment providers and record keepers, and then help with performance evaluation of investment managers among other duties. Benchmark Financial Services was hired to assist with due diligence in evaluating consultants and confirm they are free of investment management conflicts. Fund officials expect to hire a consultant in July. The RFP will be available from the county later this month or in June, he said.
We want a consultant completely independent of any investment provider, direct or indirect, Mr. Fostier said. We want to be able to rely on independent advice. As fiduciaries, we believe it is our duty.
The plan has never put out bids for investment services and has not previously used a consultant. The current investment providers Nationwide and ING, which each oversee $55 million for the plan, and ICMA, $20 million will most likely be able to rebid.