Longboat Key, Fla., is searching for a third-party administrator for its three defined benefit plans, which the town plans to merge into one plan, said Sue Smith, the town's finance director.
The merger of the Longboat Key Firefighters' Pension Fund, General Employees Pension Fund and Police Officer's Pension Fund, which have a combined $33 million in assets, is the result of a desire to reduce costs following the freezing of the plans, Ms. Smith said.
The town is searching for its first third-party administrator to handle the merger of the plans, as well as issue an RFP in 2015 for a common investment consultant for the merged plan. The Bogdahn Group is the general employees plan's investment consultant, while the firefighters' and police officers' plans have Graystone Consulting as their investment consultants. Both would be invited to rebid.
Ms. Smith said the new pension board recently rehired Foster & Foster as actuary of the three plans and the firm will move forward as the actuary of the new merged plan.
The firefighters' and general employees' plans were frozen on Sept. 30, 2013, while the police officers' plan was frozen on Feb. 1, 2014. Current and new hires are now participants of a newly formed 401(a) plan, Ms. Smith said.
The third-party administrator RFP is available here. A subscription and fee are required. Proposals are due Oct. 31.