Suffield, Conn., is searching for an investment consultant and global custodian for its defined benefit plan and other post-employment benefits trust, confirmed Eric Remington, chairman of the Suffield Retirement Commission.
Prudential is the current consultant for the pension fund, and Bank of America is the custodian. Hooker & Holcombe is consultant to the OPEB trust. They can all rebid.
“Ideally we would prefer one adviser and one custodian to manage both plans,” Mr. Remington said in an e-mail.
Consultants can partner with a bank or trust company on proposals, according to the RFQ.
The pension fund has $23.7 million in assets; the OPEB trust, $5.5 million.
The RFP is available on the state's procurement website. Proposals are due at noon EDT June 14. Finalist interviews are slated for the week of June 24, and a hiring decision is expected in July. The consultant contract starts Sept. 1 and custodian, Oct. 1.