Little Rock (Ark.) Non-Uniform Employees Pension Plan is searching for an investment consultant, confirmed James Bradshaw, risk manager in the city's human resources department.
The retirement plan has two components — a $10.5 million defined benefit plan for employees hired before Dec. 31, 1977, and a $39 million defined contribution plan for non-uniform employees hired since then.
Incumbent Stephens Inc. is invited to rebid, Mr. Bradshaw said in an e-mail.
The selected firm will be tasked with determining the feasibility of combining administration of the retirement plan with several 457 plans, and self-directed 401(a) plans available for division managers and department directors. Those plans represent an additional $35 million to $40 million in assets.
If combined, each of the additional plans will continue to be self-directed with a list of investment options, but all will be tracked by a single record keeper/custodian. The selected consultant will provide investment advice for all plans.
The RFQ is available on the city's website. Proposals are due at 2 p.m. CDT March 15. A hiring decision is expected in mid-April, Mr. Bradshaw said.