Fort Worth mayor wants more directors for pension plan

The mayor of Fort Worth wants more expert advisors for his city's $1.6 billion public pension fund.

As the city continues an exhaustive financial review of its billion-dollar pension fund, Mayor Mike Moncrief is pushing for an immediate expansion of the fund's board of directors to increase its level of expertise.

"The sooner we get some expertise, some additional expertise, on this board, the better off I'm going to feel," Moncrief said during a council session Tuesday.

A team of financial experts -- the city's external and internal auditors, an independent actuarial firm and a professional with a background in securities regulation -- is testing the financial condition of the city's $1.6 billion pension fund.

The team is being formed by the city auditor at the request of the City Council, which has made Fort Worth's pension fund a top concern for 2006. A report to the council is expected by mid-July.

"It's being driven by this council's resolve to make sure we're doing everything possible to account for the people's money," Councilman Jungus Jordan said. "That's probably the No. 1 job that this council has."