Jacksonville (Fla.) Police & Fire Pension Fund is lowering its actuarial assumed rate of return to 6.5% and is prohibiting any investments in cryptocurrencies.
The $2.7 billion pension fund's board approved lowering the assumed rate of return from 6.9% at its Feb. 17 meeting, according to a meeting summary posted on its website.
The change was the result of a review of the pension fund's investment policy statement. The board also approved adding a prohibition in the policy against any investments in cryptocurrencies.
The new policy will prohibit any direct investments in cryptocurrencies, as well as investments in cryptocurrency ETFs. The summary did not say whether the pension fund has any cryptocurrency holdings, and Executive Director Timothy H. Johnson could not be immediately reached for further information.
The pension fund's target allocation is 37% domestic equities, 20% each fixed income and international equities, 10% core real estate, 8% private credit and 5% non-core real estate.