Oak Park, Mich., is searching for at least one investment manager for its two defined benefit pension plans, confirmed Phillip Miller, senior financial analyst, city treasury department.
The search comes as a result of the city's July 1 launch of a new defined benefit plan, the Public Safety Retirement System. The Employees' Retirement System, which will now cover non-public-safety city employees, was previously the sole pension fund for city employees, with about $62 million in total assets.
The public safety plan now has about $37 million in assets while the general employees' plan has about $25 million.
The plans' current investment manager is Aspen Investment Management. Mr. Miller said in a telephone interview that board members of the two plans thought the establishment of the new plan was a good time to put the services out to bid. Aspen is invited to rebid.
Proposals are due at 4 p.m. EDT on July 17. Mr. Miller said the boards hope to conduct interviews by late August and make a decision in early September.
The RFP can be obtained by calling Mr. Miller at 248-691-7491 or e-mailing him at [email protected]. The RFP is also available on the Michigan Inter-governmental Trade Network Purchasing website. Registration is required.
