Skip to main content
MENU
Subscribe
  • Subscribe
  • Account
  • LOGIN
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE Act 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2022 Retirement Income Conference
    • 2022 Managing Pension Risk & Liabilities
    • 2022 WorldPensionSummit
Breadcrumb
  1. Home
  2. Online
January 02, 1996 12:00 AM

A group of 49 Lutheran pastors and lay workers, known as the Pension...

  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print

    A group of 49 Lutheran pastors and lay workers, known as the Pension Defense Fund, fired the latest shot in a continuing battle to gain control of defined contribution plan assets from the Board of Pensions of the Evangelical Lutheran Church in America. The Pension Defense Fund has appealed to the Minnesota Supreme Court an appellate court decision dismissing the group's attempt to sue for control of plan assets.

    The lower court dismissed the case because it was a matter of church doctrine, rather than civil law. Rev. Thomas Basich, leader of the PDF, said the ELCA violated contract law, rather than upheld church doctrine.

    The tussle revolves around alleged underperformance of pension assets because of the ELCA's avoidance of South Africa-related stocks.

    GE Investments has closed its second private equity limited partnership, GE Investment Private Placement Partners II, raising $938 million. Among the 23 investors are the pension funds of Chrysler Corp., Crown Cork and Seal, Georgia-Pacific, Montreal Police, Olin Corp., Philip Morris Cos., 3M and GE. Other investors include the endowment funds of Rensselaer Polytechnic Institute and University of Chicago.

    The fund will seek later stage growth capital, buy-out and other types of privately structured investments over a 10-year period. It mirrors an earlier fund, GE Investment Private Partners I, which raised $210 million from 12 partners in 1990.

    Fidelity Institutional Retirement Services will introduce full transactional capabilities for participant 401(k) accounts over both the Internet and America Online during the first quarter. Plan participants can change the amount of their salary deferrals and alter their asset allocations.

    So far, only BZW Global Investors (formerly Wells Fargo Nikko) has offered plan participants full management access of their 401(k) plans over the Internet.

    The Governmental Accounting Standards Board has tentatively decided that state and local governments should report many of their investments at fair value in their annual financial reports, rather than on a cost basis. The GASB plans to seek public comment on its fair value proposals within a few months. Among the proposals: the GASB has tentatively agreed to require that unrealized gains or losses on investments be reported in investment income in the year they take place.

    HIRINGS

    The $13 million Swampscott (Mass.) Retirement Fund hired Freedom Capital to run its assets in a balanced fund. The other finalists were BayBank; Massachusetts Pension Reserves Investment Trust; and the deBurlo Group, the fund's previous manager.

    Ceridian Corp., Minneapolis, hired Merrill Lynch to administer a new employee stock purchase plan, said John Grierson, vice president and treasurer. The plan allows employees to buy Ceridian stock, with the company paying for fees and administration costs, at 85% of the market's price, he said.

    Moving to outside investment management, the $5 million 401(k) plan of Louis Berger International Inc., Wayne, N.J., hired Scudder Stevens & Clark to provide bundled investment management and record keeping, said Emilio Medina, staff accountant who oversees the plan. Scudder will manage the entire plan, offering five funds. Previously, participants had no investment choice because the 401(k) investments were managed in-house in fixed income, Mr. Medina said. Record keeping also was handled internally.

    No consultant was used in the search.

    The $40 million Woburn (Mass.) Retirement System invested $1 million with the Massachusetts Pension Reserves Investment Trust. It is the fund's first investment in PRIT. Its primary investment manager is David L. Babson. Funding came from new contributions.

    The $35 million ASC Inc. 401(k) and profit-sharing plan, Southgate, Mich., selected existing managers Scudder Stevens & Clark and Fidelity to offer two additional funds each, said Michael K. Richotte, benefits analyst. The plan added a Scudder guaranteed investment fund and growth-and-income equity fund and Fidelity's Equity Income Fund II and Contrafund. The additions bring to 12 the total number of options. Scudder runs nine portfolios, Fidelity three.

    Recommended for You
    Happy Fourth of July greeting
    No P&I Daily for Independence Day holiday
    Juneteenth_1550_i.jpg
    No P&I Daily on Juneteenth
    No P&I Daily on Memorial Day
    No P&I Daily on Memorial Day
    New SEC Rule on Fair Pricing Determination Needs Careful Consideration
    Sponsored Content: New SEC Rule on Fair Pricing Determination Needs Careful Consideration

    Reader Poll

    June 6, 2022
    SEE MORE POLLS >
    Sponsored
    White Papers
    Nearing the finish line: Ideas on end-state investing for corporate DB plans
    The Meaning of "Portfolio Intelligence"
    Credit Indices: Closing the Fixed Income Evolutionary Gap
    Forever in Style: Benchmarking with the MorningstarĀ® Broad Style Indexesā„ 
    Crossroads: Politics, Inflation, & Bonds
    Is there a mid-cap gap in your DC plan?
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    June 20, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright Ā© 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE Act 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2022 Retirement Income Conference
      • 2022 Managing Pension Risk & Liabilities
      • 2022 WorldPensionSummit