Streamwood, Ill., might be looking for external managers for the village's $19 million police pension plan and $11 million firefighters' pension plan. Apple Hill Consulting, recently hired as the plan's first investment consultant, will conduct asset allocation studies of the plans, as well as review their investment policies and actuarial assumptions, said David A. Richardson, village finance director. 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.
The asset allocation for both plans is 75% fixed income and 25% equity.