American Maritime Officers Plans, Dania Beach, Fla., is searching for an investment consultant for its defined benefit plan and three defined contribution plans, said Jeremiah Jones, general counsel.
The union issued a request for information from interested firms, which will be followed by an invitation-only RFP process. The union is conducting the search, Mr. Jones said, because the contract of current consultant Graystone Consulting is expiring soon, it has been a long time since an RFP process has been undertaken and because there have been personnel changes at Graystone. The firm is eligible to rebid.
The RFIs have been issued using InHub's eRFP tool. Responses to the defined benefit plan RFI and defined contribution plan RFI are due at 5 p.m. EDT on July 10. Mr. Jones said the union hopes to have the RFI and invitation-only RFP processes completed by September.
The defined benefit plan, the American Maritime Officers Pension Plan, has $404 million in assets and the three defined contribution plans — the American Maritime Officers Defined Contribution Plan, the American Maritime Officers 401(k) Plan and the American Maritime Officers Money Purchase Plan — have a combined $654 million in assets.