Searches and Hires

Johnston Retirement Board on lookout for investment consultant

Johnston (R.I.) Retirement Board is looking for an investment consultant for the $47.3 million Town of Johnston Fire Fighter and Police Officer Pension Fund, according to an RFP issued Thursday.

The pension fund includes two defined benefit plans for members of the Johnston Fire Department and the Johnston Police Department. The pension fund covers fire personnel hired by 1999 and police personnel hired by 2010 and is closed to new employees.

The individual assigned as primary consultant from the selected firm must have a minimum of 10 years of experience as a primary consultant to or chief investment officer of at least one public defined benefit fund, and at least five years of experience with a public pension fund that has at least $20 million in assets.

Proposals are due Feb. 21 by 4 p.m. EST, and the selection review process will begin March 21, according to the RFP.

The current target asset allocation is 45% U.S. equities, 20% international equities, 34% fixed income and 1% cash.

An official in the Johnston town clerk's office couldn't immediately be reached for more information.