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November 13, 1995 12:00 AM

Hal Glassman, a spokesman for the agency, said 47 of the agency's 600...

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    Hal Glassman, a spokesman for the agency, said 47 of the agency's 600 employees are considered essential or exempt from the likely furlough of federal workers. He said 40 workers, about 10% of the normal staff, will be onboard at the agency's 15 regional field offices, and another seven employees will be at the office in Washington.

    ``We are going to do everything we can to serve the public and make sure ERISA is enforced,'' he said.

    Meanwhile, a spokeswoman for the PBGC said that agency ``will not be affected at all'' by any shutdown because the PBGC is a self-financed government corporation.

    Bond investors should prepare for a volatile market with certain options strategies, said Leonard Wissner, chairman and CIO of Ward & Wissner Capital Management. Conflicting views on the future of near-term interest rates indicate money can be made with options strategies that profit when the market moves significantly higher or lower, he said. Coupon payments from the underlying securities would pay for the options.

    The strategies - straddles and condor spreads - would help to lock in the 15%-plus gains seen in the aggregate bond market this year, he said.

    The $19 billion Maryland State Retirement and Pension System is looking for a high-yield bond manager, and hopes to allocate $100 million to the new asset class, said Peter Vaughn, executive director. Mr. Vaughn said he expects the new firm to be hired before Jan. 1.

    The fund's board also approved a $300 million increase to emerging markets. The fund now holds $300 million in emerging markets, and will increase by $100 million each month for the next three months, Mr. Vaughn said.

    Money to fund the allocation will be taken from the $5 billion allocation to large-cap domestic equities. No managers will be let go.

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