A review at Delray Beach.(Delray Beach (Fla.) Police & Fire Retirement System)(Editorial)

Pensions & Investments, March, 2005 by Burr, Barry B.

Byline: Barry B. Burr Delray Beach (Fla.) Police & Fire Retirement System has an unusual employee-sharing arrangement with its consultant, Smith Barney Consulting Services. Its pension administrator, Anne Woods, works part time for the $100 million pension fund and part time in a clerical position for Smith Barney in its Delray Beach office.

She's held the two positions, with the knowledge of system officials, almost since the inception of Smith Barney's consulting relationship with the Delray Beach fund in 1996, said Ms. Woods and Ernie Mahler, senior vice president. Mr. Mahler, who hired her at Smith Barney, is the fund's consultant. Benchmark Financial Services Inc., which conducted a review of Smith Barney's consulting work for the fund, found that...

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