Panama City Beach, Fla., is searching for a consultant to advise on the potential creation of a 401(a) plan, a request for qualifications posted on the city's website shows.
The city has issued the RFQ for a consultant to review the city's current DB plans and evaluate the value of creating a voluntary 401(a) plan to put into place on or before Jan. 1, 2020.
The chosen consultant would provide recommendations to the city council sometime in October, and then assist in Cany requests for proposals for firms to administer the 401(a) plan, if the consultant recommends its creation.
The Panama City Beach General Municipal Employees' Pension Plan, Panama City Beach Police Officers' Pension Plan and Panama City Beach Firefighters' Pension Plan had $35 million, $20 million and $15 million in assets, respectively, as of Oct. 1, 2017, according to the most recent available data in actuarial valuation reports posted on the city's website.
The RFQ is available on the city's website. Proposals are due at 10 a.m. CDT on Aug. 12. A timeline for a decision was not provided.
Lori Philput, risk manager and human resources director, could not immediately provide further information.