Marco Island (Fla.) Firefighters' Pension Fund and Police Officers' Pension Fund hired The Resource Centers as third-party administrator, confirmed Laura M. Litzan, city clerk and member of both pension funds' boards of trustees.
The pension funds issued an RFP in July because of more people being involved in the plans and “exhaustion of the staff,” said Ms. Litzan in a telephone interview. It is the first time the funds have hired a third-party administrator.
Separately, the $9 million Firefighters' Pension Fund is seeking approval from the City Council for an ordinance that would increase its target equity allocation to 65%, from the current 50%. The $6 million Police Officers' Pension Fund has targets of 65% to equities and 35% to fixed income.
Investment consultant Graystone Consulting assists both pension funds.