Howard County, Md., is seeking an investment advisory consultant for its two defined benefit plans, with assets totaling $1 billion.
According to an RFP on the county's website, the plans — Howard County Retirement Plan and Howard County Police and Fire Employees' Retirement Plan — are seeking a firm to provide investment consulting and performance measurement services to the plans and the joint committee that oversees them.
The plans' current investment consultant is Summit Strategies, according to Jalene Duressa, the county buyer overseeing the RFP. Summit Strategies, which is in a month-to-month contract with the county, is eligible to respond to the RFP, Ms. Duressa said in an email, adding that the county would like to enter into a longer-term contract. According to the RFP, the contract will be for one year, with renewal options exercisable in one-year increments.
Proposals are due on Sept. 19 before 11 a.m. EDT. The county's goal is to have the new contract in place before Jan. 1.
According to the RFP, the plans' combined asset allocation as of Dec. 31, 2017, was: 24.9% core-plus fixed income, 19.1% large-cap equity, 13.05% international developed market equity, 11.51% hedge funds, 11.01% private equity, 6.99% international emerging markets equity, 5.37% non-large cap equity, 3.56% emerging market debt, 3.33% real assets and 1.16% cash.