Longboat Key, Fla., is searching for an investment consultant for its three frozen defined benefit plans, which the town intends to merge into a single plan, said Sue Smith, the town’s finance director.
The Longboat Key Firefighters’ Pension Fund, General Employees Pension Fund and Police Officer’s Pension Fund have a combined $33 million in assets. The town will hire one consultant for all three pension funds; current general employees’ consultant The Bogdahn Group, and firefighters’ and police officers’ consultant Graystone Consulting are inviBogdahn Group, and firefighters’ and police officers’ consultant Graystone Consulting are invited to rebid.
The investment consultant search is the latest in a series of steps the town is making before completing a merger of the pension funds, which is intended to reduce costs. There is no timeline for the merger.
The firefighters’ and general employees’ pension funds were frozen on Sept. 30, 2013, while the police officer’s pension fund was frozen on Feb. 1, 2014. Current and new hires participate in a new 401(a) plan.
The RFP is available on procurement website Onvia DemandStar. Registration is required. Proposals are due at 3 p.m. EDT on July 30. The town hopes to complete the search within the next two months.
The town recently rehired Foster & Foster as actuary of the three pension funds and will keep that role once the plans are merged. Also, The Resource Centers was recently hired as third-party administrator.