Town of Guilford, Conn., hired Fiduciary Investment Advisors as investment consultant for its three defined benefit plans totaling $60 million, confirmed Maryjane Malavasi, finance director, in an email.
The town's three single-employer DB plans are the Town of Guilford Employees' Pension Plan, Town of Guilford Police Retirement Fund and Town of Guilford Public School Employees' (Non-Certified) Pension Plan.
Currently, the town's pension fund assets are administered by Wells Fargo Advisors and actuarial valuations are performed annually by Milliman. The plans are now closed, and all new full-time employees are enrolled in a 401(a) defined contribution plan administered by ICMA-RC.
An RFP was issued in July. Hooker & Holcombe was the other finalist.