United Dairy Industry Association, Rosemont, Ill., is completing a search for its first investment consultant to review its $13 million pension plan, said Bill Cusick, vice president-human resources. A task force this summer had considered closing the plan because its funded status had dropped to 84% from its typical level of 110%, but officials decided against it, Mr. Cusick said. The consultant will review the plan's asset allocation and manager structure, he said; Stein Roe & Farnham is the sole manager. The search is expected to be completed by the end of December, with any changes implemented in the first half of 2004.
The current asset allocation is 50% to 60% equity and 40% to 50% fixed income.