St. Louis Firefighters' Retirement Plan made investments in two Vanguard Group index mutual funds totaling $3 million, said Janice Fairless, human resources specialist.
The $3 million pension fund invested $1.8 million in an international equity index fund and $1.2 million in a domestic fixed-income fund, both managed by Vanguard.
The pension fund is parking assets in the index funds as its investment consultant, Dahab Associates, which the pension fund hired in February, begins the process of implementing the pension fund's new investment policy.
The Firefighters' Retirement Plan was created on Feb. 1, 2013, the same day that benefit accruals were frozen in the $445 million St. Louis Firemen's Retirement System.
Ms. Fairless said the retirement plan will soon be receiving a $7 million contribution as a result of a settlement with the FRS. The city had contributed funds solely to the FRS in 2013.
She said the new assets will also be invested in the Vanguard index funds, with 60%, or $4.2 million, going to the international equity index fund and 40%, or $2.8 million, going to the domestic fixed-income index fund.