Orange County Deferred Compensation 457 Plan, Orlando, Fla., plans to put out bids for investment services and a consultant for the first time, 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.
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 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.