New Orleans Sewerage & Water Board will search for an investment consultant soon for the board's $217 million defined benefit plan, recently released pension committee minutes said.
The board's current general investment consultant is FFC Capital Management and its contract expires in March, according to Dec. 18 committee minutes. A search will take place to be completed in June or July.
Tim Viezer, chief investment officer, "outlined an initial suggestion that a professional services procurement policy for selecting investment consultants and investment manages be drafted for approval by the committee and the board of trustees and overseen by the director of procurement, Mr. Willie Mingo," according to the minutes.
Further information on the search was not immediately available. The board posts RFPs on its procurement website.
Separately, the board hired Callan as project consultant to conduct an asset-liability study for the defined benefit plan.
The board issued the RFP in September 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. There were no finalists. According to the Dec. 18 pension committee minutes, four proposals were received and the selection was based on the scoring and ranking of responses by a proposal selection committee.
Lisa C. Martin, board spokeswoman, could not be immediately reached to provide further information.