Members of the Senate Finance Committee yesterday voted to amend the tax package by adding in pension simplification provisions originally left out by Committee Chairman William V. Roth Jr., R-Del.
The amendment, introduced by Sens. David Pryor, D-Ark., and Orrin Hatch, R-Utah, passed on a voice vote. Similar provisions were part of the tax bill approved by the House Ways and Means Committee last month. The full House and the Senate are expected to vote on their respective bills next week.
The $450 million Shelby County Retirement System in Memphis, Tenn., reallocated assets among some managers, said David H. Pontius, manager-pension investments. In equities, Thomson Horstmann & Bryant got an additional $10 million, and now runs $25.6 million; Southern Capital Management, $9 million, to $17.8 million; and Southeastern Asset Management, $6 million, to $59.2 million. Also in equities, NewSouth Capital Management's portfolio was reduced by $25 million, leaving it with $84.2 million; Commerce Capital's equity portfolio was cut by $5 million to $17.2 million; and Stephens Capital Management's was reduced by $5 million to $20.4 million. In fixed income, Commerce Capital will run another $3 million, raising its assignment to $20.4 million; Highland Capital Management's assignment was reduced by $9 million, to $84 million. Consulting Services Group assisted.