May 20, 2022

Essex Seeking New Advisor for Three Town Pension Plans

ESSEX— The board of selectmen will be seeking a new adviser for the town’s three pension plans for town employees, with a goal of selecting a new manager for the plans before the end of the current fiscal year on June 30.

First Selectman Norman Needleman told the board at a meeting last week that the town has received notice that Bank of America/Merrill Lynch, the town’s current pension adviser, will cease providing services for municipal pension plans as of June 30.But Needleman said Wednesday that Bank of America/Merrill Lynch had submitted a second notice advising that current services could continue through October. He said the town will publish a request for proposals for pension services, including managing investments, custodial banking, record keeping, and actuarial services.

Needleman said the town’s appointed retirement committee will review the proposals before making a recommendation to the board of selectmen for selection of a new pension plan adviser. Needleman said he is hoping some local financial services firms will offer proposals for the town’s pension management business. The town has three separate pension plans, including the municipal plan for town employees, a merit service incentive plan for volunteer firefighters, and a police pension plan.

In other business, Needleman announced the town’s emergency operations center is starting a program to register emergency volunteers. The registered volunteers would receive training and identification badges, while also being subject to a back round check. Interested residents should contact the selectmen’s office at town hall for additional information.