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Pension Funds

Jacksonville Police and Fire re-signs with consultant, custodian

Jacksonville (Fla.) Police and Fire Pension Fund renewed the contracts of investment consultant Summit Strategies and custodian Northern Trust for one year through Sept. 30, 2018, according to a summary of its July 21 board meeting posted on the pension fund's website.

The $1.9 billion pension fund's board approved the renewals based on the recommendation of the financial investment advisory committee. Both firms' contracts were to expire on Sept. 30.

Timothy Johnson, executive director, said in the summary that he had previously intended to issue RFPs for both an investment consultant and custodian this year, but the "abruptness" of the city's pension reform, would make it "seem not the best idea right now."

Under the reform, which was approved by the City Council in April, the plan will close to new hires on Sept. 30.

Mr. Johnson will go to the board in 2018 potentially to recommend issuing RFPs before the one-year extensions expire, the summary stated.

Mr. Johnson could not be immediately reached to provide further information.