Tiverton, R.I., is looking for a discretionary investment adviser to administer and manage its $7 million police defined benefit pension fund, confirmed James Goncalo, town administrator.
The RFP was issued because current adviser Bank of America is getting out of the municipal retirement business, Mr. Goncalo said in a telephone interview.
The selected firm will serve as consultant, administrator and record keeper for the plan. It will develop an asset allocation and investment policy. Mr. Goncalo said the selected firm will have discretion over investment managers, but the town will provide asset allocation guidelines.
The RFP is available on the town's website. Proposals are due at 3 p.m. EDT June 14. Mr. Goncalo said he would like a hiring decision to be made by July 1.