Ford Motor Co., Dearborn, MIch., introduced a new lineup of 60 investment options for its nearly $8 billion defined contribution plan, said Less Mezza, the new director of Ford's National Employee Service Center. As expected, Ford picked six core options from Fidelity and is carrying over four from its old lineup. Another 50 supplemental options will be offered, including 25 Fidelity funds and funds from Scudder, T. Rowe Price and Vanguard.
The Board of Pensions of the Evangelical Lutheran Church in America, Minneapolis, scored a major victory in its long-running legal dispute with a group of pastors and lay workers unhappy with the ECLA's policy of South Africa divestment of pension assets. The Minnesota Court of Appeals today ruled the divestment was motivated by the church's belief that apartheid should be rejected as a matter of Lutheran faith; as such, a civil court has no jurisdiction over the issue, the court found.
The group accused the ECLA Board of Pensions of breach of contract and fiduciary duty with regard to the South Africa divestment policy. It will appeal today's decision to the state supreme court.
The $33 million Concord (Mass.) Contributory Retirement System is pulling out of tactical asset allocation and moving the money into international and small-cap domestic stocks with the same manager, Frank Russell Investment Management, said Grace Jones, administrator.
``(TAA) performance over the last two years has been very poor,'' Ms Jones said.
The system has about $5.5 million in TAA with Russell. Officials expect to move only a small portion of the money into international - the fund's first international move - but haven't decided how to divide the money. The change is expected to be made in January.