The Town of Wellesley has issued a request for proposals seeking an investment consultant to advise both its pension fund and Other Post-Employment Benefits trust. The Massachusetts municipality's search signals a formal review of its oversight structure for retirement assets that support municipal employees and retirees.

Municipal retirement systems typically engage consultants to evaluate asset allocation, manager selection, and compliance with state investment statutes. Wellesley's dual mandate — covering both the traditional pension portfolio and the separate OPEB vehicle — adds complexity that firms will need to address in their responses. The board's decision to bundle both assignments suggests a desire for coordinated governance.

Investment consultants compete aggressively for public fund mandates, which provide steady fee revenue and platform credibility. Winning a Massachusetts municipal account often requires demonstrating experience with Chapter 32 compliance and the state's Public Employee Retirement Administration Commission guidelines. The RFP process typically runs 60 to 90 days from issuance to finalist presentations.

The board will evaluate proposals on qualifications, fee structure, and conflicts of interest before making a recommendation to town leadership.