Philadelphia School District hired Bolton Partners Investment Consulting Group as investment consultant for its defined contribution plans, confirmed Susan C. Gilbert, deputy for employee support operations at the school district.
Bolton Partners is replacing the district's previous consultant, Public Financial Management.
The district oversees two 403(b) plans and a 457(b) deferred compensation plan, with total assets of about $1 billion. The plans have five providers — AXA Equitable, Lincoln Investment Planning, MetLife, TIAA-CREF and VALIC.
About 7,500 employees contribute to the 403(b) plans, which total $974.8 million, and 500 to the 457(b) plan, which totals $37.7 million.
An RFP was issued in October.