The vendor is required to provide objective, third-party advice and counsel that will enable the appropriate boards, committees and officials of the town to make well-informed and well-educated decisions regarding management of the plan and investment of the plan’s assets.
- Contractual services for pension management consulting will include:
1. Development of investment policy objectives and guidelines
• Assist the town with potential revision of the current investment policy statement and the periodic review of policy statements that properly reflect the town's tolerance for risk and that best help the town meet its rate-of-return, funded status and administrative expense objectives.
2. Asset allocation studies
• Evaluate the plans’ current asset allocation and asset allocation guidelines to determine whether or not they are consistent with the town’s investment objectives and guidelines.
3. Investment manager search/recommendation
• When deemed necessary or appropriate, assist the town in its due diligence and search for investment advisor(s)/manager(s) utilizing the appropriate database(s) of capability and performance data.
4. Development of investment manager performance standards/guidelines
• Assist the town in the development and review of performance with which the town can measure each investment manager.
5. General consulting services
• Provide general consulting services as requested by the pension committee and/or town council; these might include custodial search and selection, etc.
6. Performance measurement & monitoring
• Assist the town in developing and implementing appropriate benchmarks so that the town can determine and evaluate investment management performance, overall progress toward meeting the plan’s investment objectives, and fees charged by plan consultants, advisors and investment managers.
7. Monitor compliance
• Provide written quarterly reports to the designated town board or committee, advise the town of industry best practices and make appropriate suggestions for adopting pertinent practices, and keep the town current with regard to emerging issues in pension management.
8. Assist in fund diversification
• Assist the town in the development of an investment manager structure that provides adequate diversification with respect to the number and types of investment vehicles and managers to be utilized by the plan.
- Contract Period/Term: 3 years
- Questions/Inquires Deadline: March 11, 2025