Searches and Hires

Atlanta to consolidate investment consulting services for DB, DC plans

The city of Atlanta issued an RFP for a single investment consultant to provide services to its three defined benefit plans and defined contribution plan, which respectively oversee $3.3 billion and $320 million in combined assets.

Atlanta maintains three defined benefit plans — the General Employees' Pension Plan, the Firefighters' Pension Plan and the Police Officers' Pension Plan — as well as its General Employees' Defined Contribution Plan, according to the RFP.

The RFP "is being issued as a result of the newly formed DB plan and DC plan oversight boards," Maria Dominguez, a senior administrative assistant for Atlanta deputy chief financial officers John Gaffney and Tina Wilson, wrote in an email.

"The city seeks to gain efficiency across the pension assets in part by consolidating investment consultants, actuaries and lawyers currently providing services to the three DB plans," she added. "Although the assets for the city's three DB plans and DC plan will remain separate, we are seeking one investment adviser for all plans."

Ms. Dominguez did not provide further information on the plans' current consultants, adding only that the defined contribution and defined benefit plans "all have different (existing) consultants."

The selected investment consultant would provide services for a period of three years with two one-year options, the website notice states. The deadline to respond to the RFP is 5 p.m. EST Dec. 6. The RFP is on the city website.

Proposals should be mailed to COA Pension Investment Consulting Services RFP, Department of Finance, 68 Mitchell St. S.W., Suite 11100, Atlanta, GA 30303. Questions about the RFP can be sent to Ms. Dominguez via email.