Plantation, Fla., changed a city ordinance to allow its three city pension plans to invest up to 70% of assets in equities, said Beth Haines, pension administrator. Previously, the ceiling was 60%. The $51 million police plan, $45 million general employees' plan and $5 million volunteer firefighters' plan will maintain their current asset allocations of 60% equity and 40% fixed income, Ms. Haines said. The investment policy was revised to allow well-performing equity portfolios to grow before they need to be rebalanced, she said.
The move was made at the suggestion of Merrill Lynch, investment consultant for the employees and firefighters plans, she added. Strategic Asset Management is investment consultant to the police plan.