After more than 13 years, Calvin White has resigned from the Hotel Pensions Board.

As the CEO of Maximum Pension Services, a third-party pension administration company formed last summer, Mr. White wanted to devote all his attention to that company.

Though he is still sitting as the chairman, he has tendered his resignation. Now the Hotel Pensions Board is searching for a new chairman to take over Mr. White?s role.

The Hotel Pensions Board is made up of seven people: three representatives from the Bermuda Industrial Union, three from the Hotel Employers of Bermuda, and the chair, who is jointly selected and approved by the Minister of Finance.

The post has been advertised, Mr. White said, and January 17 is the deadline for responses. Nobody has been interviewed yet. Mr. White himself also has input on who the new chairman will be.

The Hotel Pension Board is responsible for all the service requirements for the Hotel Pension Fund.

?In other words, we not only accept contributions, but we maintain the member records, we handle all of the Government regulatory requirements,? Mr. White said. ?We also handle the payments of benefits as well as refunding of pension contributions.?

As the Board is a trust, and trusts ? as financial institutions ? are also able under law to handle the investment administration of the fund, the Hotel Pensions Board is also responsible for investing the fund?s money.

A consultant ? Fiduciary Investment Solutions ? advises the firm on how to manage the money. Mr. White declined to reveal how the money is invested (for example, in private equity or global funds) or who is managing it to on Monday.

He also declined to produce financial statements for the fund. Employees investing in the fund are given individual financial statements annually, he said, and those interested in the overall health of the fund can go to the Hotel Pensions Board office on Dundonald Street and ask to see financial statements.

?In general terms, I can say the fund is in a surplus of some $65 million,? he said. With about 2,500-3,000 active participants and 650-700 pensioners, the highest pension currently being paid is about $1,200 per month. The lowest, Mr. White said, is about $50.

The Hotel Pensions Board also administers the Restaurant Pension Fund. Previously it was responsible for the Construction Pension Fund, however that fund, Mr. White said, is now the responsibility of his new company ? Maximum Pension Services.

Under the new Pension Act, he explained, the Construction Pension Fund changed from a defined benefit plan (with the employers assuming any risk) to a defined contribution plan (with employees taking on the risk). The Hotel Pension Fund did not have the capacity for such a move, he said.

Mr. White will miss working with the Hotel Pension Fund, he said. ?It?s been a very rewarding period, the last 13 years.?

During his tenure the fund has grown from assets of $24 million to its current status, he said. The number of pensioners has also grown from about 230 in 1991 to the current amount of somewhere around 700.

The number of active participants, on the other hand, has decreased. ?At one time there were close to 4,000 active participants.?

Closures of hotels such as the Marriott, Club Med., Belmont and Newstead have contributed to that decrease, he said.

?It has been a pleasure and a privilege serving on the Hotel Pensions Board for the last 13 years,? Mr. White said.

?I hope it was as beneficial and rewarding to participants as it has been to me.?