After a 2000 restructuring, GFR Services Inc. found itself with nine affiliated companies and as many pension plans. Frustration was rampant. "The human resources people were screaming in desperate need for help," recalls Antonio Arias, CFO of the $200 million Puerto Rican media and real estate business.
It's not surprising. Officials from each plan selected and administered the funds for each of their pension programs. "We figured, 'let's take a look and see,"' says Arias, who has banking, securities and mutual fund experience. "This is our area."
GFR first revised the fund choices. Too many participants were heavy in technology, even those close to retirement, says Arias. "We provided immediate first-aid," he says. "But then it was clear we had to find a long-term solution."
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