The $60 million Jessie Smith Noyes Foundation Inc., New York, joined the Council of Institutional Investors, becoming the first such fund to join since the council decided earlier this year to accept foundations and endowments as non-voting members.
In addition, three corporate pension funds, including possibly the first non-defined benefit plan, and three public pension funds joined the council. Earlier, one public and one union pension fund dropped out. All eight will be or were voting members.
The new corporate members are McDonald's Corp., which has only defined contribution plans, Consolidated Freightways Inc. and Philip Morris Cos. They bring the council's total corporate pension fund voting members to 19; in addition, the council has five corporate fund non-voting members.
New public fund members are the New York State Teachers Retirement System, Rhode Island Retirement Systems and the Teacher Retirement System of Texas.
The council now has 48 public fund members and 25 union fund members.