Beaver Falls, Pa., is searching for a firm to provide investment management and custodial services for its three defined benefit plans, confirmed Paula Burdine, city clerk.
The search is being conducted because oversight of all three plans has been put under a new, additional oversight board; previously there were three separate boards. Ms. Burdine said city officials have yet to decide whether to merge the plans.
The Non-Uniformed Pension Plan's current manager and custodian is Hefren-Tillotson, and the Fire Pension Plan and Police Pension Plan's current manager and custodian is Merrill Lynch. Hefren-Tillotson is invited to bid for the services, while Merrill Lynch informed the city it no longer would provide these services to municipalities.
The three plans have combined assets of $13 million
An RFP will be available beginning 9 a.m. EDT on July 1. Proposals will be due at 3 p.m. EDT on July 31. Ms. Burdine said officials hope to make a decision by the end of the year, when Merrill Lynch said it would be exiting the business of managing municipal plans.
The RFP can be obtained beginning July 1 by contacting Ms. Burdine at 724-847-2808 extension 220 or [email protected] .