New York City Retirement Systems issued an RFP for general investment consultants for three of the five pension funds within the $163.4 billion retirement system, said a posting on the website of New York City Comptroller Scott Stringer, the fiduciary for all of the city’s pension funds.
The RFP covers the $54.1 billion New York City Employees’ Retirement System, $34.6 billion New York City Police Pension Fund and $10.9 billion New York City Fire Department Pension Fund. The current consultants are Callan Associates for NYCERS, Strategic Investment Solutions for the police fund and NEPC for the fire department pension fund.
Eric Sumberg, a spokesman for Mr. Stringer, said in an e-mail that the issuance of the RFP was routine; the incumbents are invited to rebid.
Each new contract will be for three years. The comptroller may extend the contracts for up to four years, the RFP said.
The RFP is on the comptroller’s website. Proposals are due March 10 at 3 p.m. EDT. Interviews will be conducted in March and April; contracts will be awarded in April or May; and the contracts take effect July 1, according to the RFP.
The consultants’ duties include providing investment policy and asset allocation development, investment manager searches, performance monitoring, benchmarking, and risk management and oversight, the RFP said.
Also, the comptroller’s office is seeking to identify a firm to serve as an emerging markets country screen monitor solely for the New York City Employees’ Retirement System.
The comptroller’s website said the firm should provide “emerging market consulting services to construct and monitor a benchmark index of emerging market countries that meet investment criteria established by NYCERS.”
Incumbent Callan is invited to rebid. Proposals are due Feb. 20.
