Streamwood, Ill., hired Apple Hill Consulting as the first investment consultant to the village's $19 million police pension plan and $11 million firefighters' pension plan, said David A. Richardson, village finance director. Apple Hill will conduct asset allocation studies of the plans, as well as review their investment policies and actuarial assumptions, Mr. Richardson said. The plans, which mirror each other, currently are internally managed; trustees might hire external managers based on Apple Hill's recommendations, he said. Any changes would likely take six months to implement, he said.
The asset allocation for both plans is 75% fixed income and 25% equity.