Des Plaines, Ill., hired 457 Consulting Group as investment consultant for its $53 million 457 plan.
The city council approved the hiring at its March 17 meeting, recently released meeting minutes showed.
The city issued an RFP in October to “ensure continued oversight” of the plan, said Becky Madison, director of human resources, in a memo to the council included with meeting materials. The plan did not previously have an investment consultant.
457 Consulting Group will also provide services for the city’s 401(a) plan, which has less than $1 million in assets, along with a $15 million retiree health plan and $1 million Roth IRA plan.
