Passaic County, Paterson, N.J., is searching for an investment consultant for its $100 million 457 plan.
The county is seeking a consulting firm or an individual to provide recommendations regarding the investment management and administration for the plan, said Richard Cahill, the county's director of finance, in an email.
A request for qualifications has been issued for a consultant who will make recommendations for "cost-cutting measures" for the plan, including recommendations for reducing record-keeping, mutual fund and other underlying fees in the plan.
Mr. Cahill said there is currently no firm or individual currently providing these services. The plan's current record keeper are AIG Retirement Services, AXA Equitable, Empower Retirement, National Life Group and Nationwide Financial.
The RFQ is posted on the county's procurement website. Registration is required. Proposals are due at 10:30 a.m. EDT on Oct. 14. A timeline for a selection was not provided.