New Orleans Sewerage & Water Board is searching for a project consultant to conduct an asset-liability study for the board's $217 million defined benefit plan, said an RFP posted on the board's procurement website.
The board issued the RFP for a consultant to complete the study as a one-time project "to explore how it could achieve its investment objectives, including paying all benefits and expense obligations when due and achieving a fully funded status," according to the RFP. The RFP also noted that the study will help the board decide whether the plan will remain open to new employees or whether it should be closed. The plan was 81.3% funded as of Dec. 31, according to the RFP.
As of June 30, the actual allocation was 51.4% public equities, 37% fixed income and 11.6% alternatives.
Proposals are due at 11 a.m. CDT on Oct. 20. A timeline for a decision was not provided.
The RFP is available on the board's procurement website.
Tim Viezer, chief investment officer, could not be immediately reached to provide further information.