Altoona, Pa., is seeking investment advisory services for its three city employee pension plans.
Altoona has three pension plans: fire, police and non-uniformed employees, with a combined $95 million in assets.
Both traditional investment consultants and outsourced CIOs are invited to bid.
The RFP was originally supposed to be issued in March but was delayed due to the COVID-19 pandemic, said Ken Decker, city manager, in an email.
Wells Fargo Asset Management is the current service provider and is invited to rebid.
"It's been at least two decades since a bid process was conducted," Mr. Decker said. "Doing one now is a matter of due diligence and fiduciary responsibility."
The RFP is available on the city of Altoona's website. Proposals are due 10 a.m. EDT July 14. A selection is expected to be made on Sept. 15, with the contract to be awarded Oct. 14.