Washington Metropolitan Area Transit Authority is searching for a consultant to review the administration and investments of its six retirement plans, according to an RFP posted on its website.
The transit authority is looking for a consultant to identify efficiencies and cost savings to ease the pension burden on the transit authority's budget. Pension expenses increased to $150.5 million for fiscal year 2013 ending June 30 compared to $6.2 million 10 years earlier, according to the RFP.
A review of the pension plans should focus on consolidating administration and investment components of the plans, according to the RFP.
The authority's five defined benefit plans had a combined $2.9 billion in assets as of July 1, 2010, the most recent available data. The size of the defined contribution plan could not be determined by press time.
The RFP is available on the transit authority's website. Proposals are due at 2 p.m. EDT Aug. 13. A hiring date was not specified in the RFP.
Howard Toorie, contract administrator, was not available for additional information by press time.