Daytona Beach (Fla.) Police & Fire Pension Fund is asking city...

Daytona Beach (Fla.) Police & Fire Pension Fund is asking city commissioners to allow the $86 million plan to make its first commitment to REITs, said Nick Schiess, administrator with third-party administrator Pension Resource Center. Trustees want to add a 5% real estate allocation for diversification, Mr. Schiess said, but the current plan ordinance does not allow investments in the asset class. Funding would come from reducing the fixed-income target to 30% of plan assets from 35%; the balance of assets will remain in equity, he said. Trustees will discuss the issue at their August meeting, but it is not known how long it will take to change the ordinance.