The Pharmaceutical Research and Manufacturers of America, Washington, hired NYLIM Retirement Plan Services to manage its $30.8 million pension plan, according to Barbara Delaney, president at Fundamental Foundations of America, a pension consulting firm that assisted PhRMA in the search. The firm will handle administration, investment management, trust services, actuarial consulting and employee communications.
Barclays Global Investors was the fund's sole money manager, and all the assets were in index funds. The fund's actuary was Mercer Human Resource Consulting, and its trustee was State Street Corp.
"PhRMA wanted to get more bang for its bucks," said Ms. Delaney. NYLIM will continue to manage the assets using index funds, she added.