Delray Beach (Fla.) Police & Firefighters Pension Board could decide as early as next month what, if any, action to take as a result of a fiduciary review of its consultant, Smith Barney Consulting Services, said William Adams, board chairman. Benchmark Financial Services conducted the review for the $100 million system, evaluating Smith Barney's processes, policies, methods of compensation and conflicts of interest, Mr. Adams said.
The board undertook the review "in light of the concerns about fiduciary responsibility and maintaining the highest ethical standards," Mr. Adams said. "We thought it was prudent for the board, acting in their fiduciary capacity for participants, to look at the relationship."
The board received the report Feb. 16, but may not have time to consider it at its March meeting and may do so at its April meeting, said Anne Woods, assistant pension administrator.
Smith Barney has been the system's consultant since 1996. Ernie Mahler, Smith Barney senior vice president and consultant to the Delray Beach board, said his firm is cooperating fully and "we will gladly do whatever the board asks" in regard to the report.