Erie (Pa.) City Aggregate Pension Board hired Dahab Associates as investment consultant for its three defined benefit pension plans, confirmed Casimir Kwitowski, city controller.
The board issued an RFP in March after Merrill Lynch, the current investment consultant, informed city officials it would no longer provide investment consulting services to municipalities.
Mr. Kwitowski said in a telephone interview that the city would likely begin a transition in the fourth quarter, with a contract start date of Jan. 1, 2014.
The three pension plans, with a combined $203 million in assets, are the City Officers & Employees Pension Plan, the Police Pension Plan and Fire Pension Plan. The consultant also will advise on an $8 million water reserve fund.
Other finalists were Beirne Wealth Consulting and Peirce Park Group.
