Milwaukee City 457 Deferred Compensation Board hired Callan Associates as investment consultant to undertake a fundamental review of the $735 million plan's investment structure, Witold Dziadowicz, executive director of the plan, said in an e-mail.
The board expects Callan to assist in restructuring of the plan's investment options.
The first phase of the review includes an analysis of the plan's investment options, including its current fund-of-funds approach and whether to add managed accounts and target-date funds, as well as financial planning services for participants, fee analysis and benchmark analysis.
The plan now offers 10 investment options, most run by multiple managers.
The second phase of the review process calls for implementation of any changes, including searches.
The board hasn't set a timetable for the restructuring.
An RFP search was issued in March. The board wanted to separate the consulting role from Cleary Gull, which also serves as in investment manager for the plan. Cleary Gull will continue to serve in that capacity.