Searches and Hires

Capital Metropolitan Transportation Authority seeks consultant for retirement plans

Capital Metropolitan Transportation Authority, Austin, Texas, is searching for an investment consultant for its two defined benefit plans, 401(k) plan and 457 plan.

The authority is issuing the RFP because the "services are needed," according to an RFP and supporting materials posted on the DemandStar procurement website. The current consultants are Cornerstone Investment Advisors for the $31 million Authority Retirement Plan for Administrative Employees (DB plan), $21 million Authority Retirement and Savings Plan (401(k) plan) and $527,000 457 plan, and Graystone Consulting for the $33 million Retirement Plan for Bargaining Unit Employees of StarTran Inc. (DB plan). Both consultants are invited to rebid. Whether the authority is seeking more than one consultant for all plans could not be immediately learned.

The RFP is available on the DemandStar procurement website. Registration is required. Proposals are due at 3 p.m. CDT on Oct. 24. A contract will be awarded in November or December, according to the RFP.

Kimberley Craft, buyer for the authority, could not be immediately reached to provide further information.