Jacksonville Waits Patiently For Passage Of Legislation

Mar 3 2006 | 1:00am ET

The $970 million Jacksonville (Fla.) Fire & Police Pension Fund will conduct a full asset liability study and expects a complete reorganization of its portfolio in the next 18 months if ongoing state legislation is passed on July 1 that will expand the plan’s investment opportunities.

John Keane, executive director, said he expects passage of the legislation, which would allow the fund to invest in both alternatives and bonds that are below A-rated. In the past, Keane has said the plan would like to put as much as 15% into alternatives.

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