P&I 1,000: The Largest Retirement Plans
| South Carolina Retirement Systems | |
| Assets are in millions of dollars. | |
| Total assets | $29,268 |
| Defined benefit | $28,698 |
| Defined contribution* | $570 |
| DEFINED BENEFIT PLAN: | |
| Employer DB contributions | $760 |
| Benefit payments | $1,948 |
| Asset mix: | |
| Domestic stock | 33.8% |
| Domestic fixed income | 30.7% |
| International fixed income | 11.3% |
| Cash equivalents | 4.8% |
| Private equity | 0.3% |
| Alternatives | 19.1% |
| Internally managed assets | $8,801 |
| DEFINED CONTRIBUTION PLAN: | |
| Assets in: | |
| 401(a) | $570 |
| Total DC contributions | $82 |
| Asset mix: | |
| Domestic stock | 58% |
| International stock | 1% |
| Fixed income | 1% |
| Stable value | 23% |
| Cash equivalents | 4% |
| Other | 13% |
| *as of June 30 | |
| COLUMBIA, S.C. - As of Sept. 30, South Carolina Retirement Systems' total employee benefit assets increased 8%. Defined benefit assets increased 8% for the year; defined contribution assets increased 19% for the nine months. | |
| Employer contributions to the defined benefit plan increased 11%; benefits paid decreased 1%. | |
| During the past year, the systems' Investment Commission overhauled its portfolio, after legislation passed at the end of 2006 allowed it to invest in international equities and private equity. The system implemented a target asset allocation that puts 50% of assets in total equities, broken down into five categories: 15% of total assets in portable alpha, 12% international equities, 10% large-cap equities, 10% small-cap to midcap equities, and 3% emerging market equities. On the bond side of the portfolio, 35% of the state's total assets are being spread across four categories: 20% core bonds and 5% each in high-yield, global bonds and emerging markets. The remaining 15% is devoted to alternatives: 5% private equity, 5% global asset allocation strategies and 5% real estate. | |
| DEFINED BENEFIT MANAGERS: | |
| Domestic equities: Aronson Johnson, TimesSquare, BGI, Batterymarch, ClariVest, Fidelity, Integrity, Legg Mason, Pzena, SSgA, Thompson Siegel, Turner, WCM, Wells. | |
| International fixed income: Credit Agricole, Western Asset, Mondrian, Loomis Sayles. | |
| Private equity: Aquiline, Pantheon, TCW, Carousel. | |
| Hedge fund/fund of funds: Mariner, Morgan Stanley, FrontPoint, D.E. Shaw, Bridgewater, GAM, Grosvenor, Gottex, EnTrust. | |
| Other: Russell, GMO. | |
| The investment consultants are New England Pension Consultants for the defined benefit plan and Summit Strategies for the defined contribution plan. | |
| Key personnel overseeing the investment management of the defined benefit plan Greg Putnam, director of investment operations; Bob Borden, chief investment officer; Rick Patsy, director of fixed income; Hilary Wiek, senior equity officer; and Douglas Lybrand, director of research. | |
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