Town of Greenwich to issue consultant RFPPensions & Investments
By Douglas Appell
Town of Greenwich (Conn.) Retirement System will issue an RFP for investment consulting services, confirmed Peter P. Mynarski Jr., the town’s comptroller and a trustee of the $238 million system.
NEPC, the system’s investment consultant for the past six years, is welcome to rebid, Mr. Mynarski said.
The RFP should be issued in the coming weeks, with the board likely to make a choice from among three to five finalists by July, he said.
In separate telephone interviews, Mr. Mynarski and Michael Pagliaro, the system’s board chairman, said the RFP wasn’t related to recent news that the Town of Fairfield, Conn., filed a lawsuit against NEPC, its investment consultant, because of Fairfield’s losses from investments in funds that channeled money to disgraced financier Bernard L. Madoff.
NEPC officials have said Fairfield’s Madoff exposure predated NEPC’s hiring by the town, and that NEPC had been urging Fairfield to reduce its exposure to Madoff.
Mr. Pagliaro said as far as he knows, the defined benefit plan’s five-member board has “no major issues or problems with NEPC.”
Putting out an RFP every four or five years is standard operating procedure, although with all the events of the past 12 months, there was some delay this time around, Mr. Mynarski said.
Mr. Pagliaro said his board will make a recommendation to the town’s Board of Estimate and Taxation, which has “never not taken our recommendation.”
Robert Stone, vice chairman of the Board of Estimate and Taxation, said in an interview that the performance of Greenwich’s defined benefit plan in recent years doesn’t appear “relatively poor,” but it’s always healthy to test whether the plan is getting the best professional advice available.
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