The City of Flint Employee Retirement System has appointed ICMA Retirement Corporation to manage $500m in assets, as it converts from defined benefit (DB) to defined contribution (DC).
As part of its mandate win, ICMA will provide the Michigan-based fund with investment management services in addition to administration, record keeping, consulting and education services. The voluntary conversion from DB to 401(K) should be finished by the end of the year, according to Robert Erlenbeck, risk and benefits manager at the Flint fund.
The fund, valued at $800m covers both the city's employees and workers at Hurley Hospital, the city's local hospital. The $300m Hurley portion of the Flint scheme is not included in ICMA's mandate.
ICMA's contract is for three years, with the option for annual renewals. The city's 457 deferred compensation plan is also served by ICMA. Founded in 1972, the ICMA Retirement Corporation is non-profit organisation that now serves more than 6,000 government employers in the US.
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