Texas DB pension plan seeks auditor

The auditor is required by the Fort Worth Employees’ Retirement Fund for five years from September.

The Fort Worth Employees’ Retirement Fund, a $2 billion defined benefit plan, is looking for an auditor.

The appointed firm will be required to conduct an independent examination and audit of the Fund’s financial statements, including a review of its annual report, for five years from September 2017.

Applicants should submit a “not to exceed” cost proposal including an itemized fee schedule for their services, along with a copy of their most recent external quality control review, among other documentation, details of which are on the Fund’s website. The deadline for applications is April 24.

FWERF is one of the largest municipal pension plans in Texas, and administers pensions for 11,089 members. It distributes more than $150 million annually in benefits.

As of December 31, it had 12 percent of its total assets invested in private equity, three percentage points more than its target allocation. Greenspring Associates’ Funds II and IV are among its private equity holdings. It has also committed 12 percent of total capital to private real estate funds including Contrarian Capital’s Fund II.