Ontario Educational Communications Authority, Toronto, issued an RFP Wednesday for a firm to provide investment consulting, actuarial and pension consulting services to the authority’s two pension plans with a combined C$96 million ($74 million) in assets.
The authority, which runs TVO, Ontario’s educational television channel, is seeking one firm to handle all three functions for both plans; respondents that do not offer the three services will not be considered, according to the RFP. The current firm, and whether it can be rebid, could not be learned by press time.
The two plans are the TVO Retirement Plan and the TVO Executive Pension Plan. The retirement plan has defined benefit and defined contribution components; the executive plan is defined benefit only.
The plans’ asset allocation as of Dec. 31 was 54% equities, 41% fixed income and 5% real estate, according to TVO’s annual report. Their investments returned 7.6% in 2015, vs. the expected rate of return of 5.75%.
The plans’ discount rate as of Dec. 31 was in a range of 5.75% to 6%, according to the annual report.
The last actuarial valuation was as of Jan. 1, 2014; the next such valuation must be completed by Jan. 1, 2017, according to the annual report.
The RFP is on the website of Canadian procurement website MERX.
Proposals are due at 2 p.m. EDT April 28. A hiring date was not provided.
Officials at TVO could not be reached for further details.