Longboat Key, Fla., hired Graystone Consulting as investment consultant for its three frozen defined benefit plans, said Sue Smith, the town’s finance director.
The town issued an RFP for a single consultant for all three plans in July because it intends to merge them into a single plan.
Graystone was the incumbent consultant for the Longboat Key Firefighters’ Pension Fund and Police Officer’s Pension Fund. The Bogdahn Group, which was also a finalist, was the incumbent for the General Employees Pension Fund.
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 three defined benefit plans have a combined $33 million in assets.