Beaver Falls, Pa., hired Hefren-Tillotson to provide investment management and custodial services for its three defined benefit pension plans, confirmed Paula Burdine, city clerk.
An RFP was issued in June because oversight of all three pension funds — the Fire Pension Plan, Police Pension Plan and Non-Uniformed Pension Plan — has been combined under a single board; previously there were three separate boards. The plans have combined assets of $13 million.
Hefren-Tillotson already was providing those services to the city's Non-Uniformed Pension Plan. Merrill Lynch, which informed the city it would no longer be providing services to municipalities, was the manager and custodian of the Fire Pension Plan and Police Pension Plan.
Other finalists were PFM Asset Management and PNC Institutional Investments.
