Police, fire pension fund in Hallandale Beach, Fla., is in turmoil.

Publication: The Miami Herald (Miami, Florida) (via Knight-Ridder/Tribune Business News)

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COPYRIGHT 2004 The Miami Herald

Byline: Harriet Johnson Brackey

Nov. 21--Investment returns among the worst in the nation. A money manager resigns without giving a reason. A search begins for a new advisor.

Welcome to the world of the Hallandale Beach Police and Fire pension fund. At $55 million, it's one of the smaller funds in South Florida.

But it is notable for its recent turmoil and poor performance.

In a Sept. 30 report to the pension board last week, board consultant Merrill Lynch ranked Hallandale Beach in the bottom 4th percentile of the 93 public pensions Merrill advises in Florida. Only eight had worse performances than Hallandale Beach over the last 12 months.

"When the stock market was strong, we did great," said board chairman Alan Miller. "I don't know...

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