Erie (Pa.) City Aggregate Pension Board is searching for an investment consultant for its three defined benefit pension plans, confirmed Casimir Kwitowski, city controller.
The current investment consultant, Merrill Lynch, informed city officials it would no longer be providing investment consulting services to municipalities, according to Mr. Kwitowski.
The three pension funds are the $76 million City Officers & Employees Pension Plan, the $69 million Police Pension Plan and the $55 million Fire Pension Plan. The consultant also will advise on an $8 million water reserve fund.
The RFP is available from the city's website. Proposals are due on March 15. Mr. Kwitowski said officials hope to make a decision after the May or August board meetings.