City of Los Angeles launched an RFP for a firm to conduct a management audit of the business and property of the $11 billion Los Angeles City Employees' Retirement System and $14.7 billion Los Angeles Fire & Police Pension System, said Shane Min, senior management analyst for the city, in an e-mail.
The city conducts a management audit and hires an independent auditing firm every five years. There is no incumbent because the audit is mandated by Los Angeles City Charter. The last audit was conducted in 2007 by Independent Fiduciary Services, Mr. Min wrote. The audit will examine the efficiency of the retirement and pension systems and evaluate the systems' asset allocations, according to the RFP.
The purpose of the audit is to examine whether the pension plans are operating in the “most efficient and economical manner and the systems' asset allocation,” according to a notice.
Proposals are due at 4 p.m. PDT on Sept. 27. A selection is expected by the end of October, Mr. Min said. An oversight committee made up of the Los Angeles Mayor Antonio R. Villaraigosa, City Controller Wendy Greuel and the City Council will make the decision.
The RFP is available on the city's website.