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Bridgeton officials to issue RFQ for pension advisory after longtime advisor departs
Summary
City Administrator Bookout told the council the city's longtime pension manager/advisor at US Bank resigned; the pension commission recommends issuing a request for qualifications to solicit firms for advisory services for a pension pool Bookout said is about $42 million.
City Administrator Bookout told the Bridgeton City Council on Jan. 21 that the city’s longtime pension manager and advisor at US Bank has resigned and moved to another firm, and that the pension commission recommends soliciting a request for qualifications (RFQ) to find a replacement.
"The city's long time pension, manager advisor with US Bank, had resigned from that institution and have moved to another institution," Bookout said, adding that the commission met last week and recommended issuing an RFQ to gather qualifications from investment firms.
Bookout said the pension fund is "about approximately 42,000,000," and that the RFQ could be circulated quickly with firms likely to respond within a couple of weeks. He told the council staff hopes to return findings to the council by the second meeting in February.
Council members asked for clarifications about timeline and scope. Council member Luther called the RFQ idea "an excellent idea," and Council member Iwanu asked whether staff had a timeline; Bookout said he expected responses within weeks and a council briefing in February. Staff also said about 250 employees and retirees are covered by the plan.
No formal action was taken beyond asking staff to proceed with the RFQ process and return recommended next steps to the council.
Next steps: staff will draft the RFQ, circulate it to potential firms, and present responses and recommendations at a future council meeting as part of the procurement and trustee process.
