Defined Contribution Plan Investment Advisory Consultant Services

Background
The Philadelphia Housing Authority (PHA) is the largest housing agency in Pennsylvania and the fourth largest in the United States. It sponsors the Philadelphia Housing Authority Defined Contribution Pension Plan (DC Plan) for the benefit of certain current and former employees. The PHA Pension Board seeks qualified Consultant(s) to provide comprehensive investment consulting services to assist in managing the DC Plan's assets, totaling approximately $109 million across 21 funds managed by Principal Financial Group.

Work Details
The selected Consultant(s) will provide independent investment consulting services, including:

1. Review and recommend modifications to plan design and documents to ensure compliance with laws.
2. Conduct annual evaluations of asset allocation plans considering market conditions and fund performance.
3. Assess investment options for diversification, risk, and return, recommending changes as necessary.
4. Evaluate investment benchmarks and performance against these benchmarks monthly, providing detailed reports to the Board.
5. Assist in developing an Investment Policy Statement and review policies periodically.
6. Provide specialized studies and reports on investment matters as requested by the Board or its committees.
7. Attend all Board meetings (at least quarterly) and additional meetings as needed, providing timely responses to inquiries from the Board.

Period of Performance
The contract will have a base term of two years with options for three one-year extensions.

Place of Performance
Services will be performed in Philadelphia, PA.

Bidder Requirements
Consultants must demonstrate experience with defined contribution plans of similar asset size, have been in business for at least five years, and agree to act as fiduciaries for the Board and Plan. They must also disclose any conflicts of interest and comply with Section 3 requirements related to hiring low-income individuals.