Bay County Employees' Retirement System, Bay City, Mich., will begin a search in September for an investment consultant for the $311 million municipal defined benefit plan.
Rebecca Marsters, retirement administrator, said the board of trustees approved a search at their July 14 meeting in order to get a better sense of the investment consultant market and services offered.
Bay County Treasurer Richard Brzezinski, also a board trustee, said he had been contacted by Russell Investments about an investment outsourcing approach, including discretionary investment management, investment consulting and custodial services, minutes from the July 14 meeting showed. After discussion, the board passed a motion to continue using an unbundled approach to managing the pension plan, the minutes said.
A timeline for the search and hiring process has not been set. The Bogdahn Group, the plan's current investment consultant, can rebid, Ms. Marsters said.