H.N.S. Management Co. Inc., Hartford, Conn., is searching for an investment consultant for its two defined benefit plans, confirmed Arthur Meizner, director, investment consulting services, at Hooker & Holcombe Investment Advisors, which is serving as project consultant for the search.
Incumbent Bank of America Merrill Lynch is invited to rebid. An RFP has not been issued in several years, and H.N.S. wants to see what else is out there from a fiduciary standpoint, Mr. Meizner said in an e-mail.
H.N.S. Management is the bus transportation provider for the Connecticut Department of Transportation and operates Connecticut Transit. CTTransit is expected to keep BofA for trustee, custodian and administrative services even if it is not chosen as consultant, Mr. Meizner said.
The two DB plans are the $34.3 million H.N.S. Management Co. Retirement Plan for salaried employees and the $124 million Pension Plan for Employees of H.N.S. Management Co. for union employees.
The RFP notice is available on the CTTransit website. Proposals are due at 2 p.m. EDT May 3. A hiring decision is expected in mid-June.