Woodridge, Ill., hired 457 Consulting Group as investment consultant for its $13 million 457 plan.
The village board approved the hiring at its Sept. 19 meeting, said John Harrington, finance director.
The village issued an RFP in February for ongoing consulting services because it has been 16 years since there was a review of the plan’s record keepers and investment options, according to materials included with the Sept. 19 village board meeting. There was no incumbent consultant.
There were three finalist firms, but the names of the firms were not disclosed. During the three-year contract, the consultant will assist the village in an RFP process for a record keeper. The plan’s current record keepers are Fidelity Investments, MissionSquare Retirement and Nationwide Financial. A timeline for that RFP has yet to be determined.
