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January 15, 1996 12:00 AM

HIRINGS Arizona Public Service Co., Phoenix, hired Bank of New York to...

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    HIRINGS

    Arizona Public Service Co., Phoenix, hired Bank of New York to run its $40 million retiree medical care fund for non-union employees, said Jerry White, trust investment administrator. Bank of New York will run 70% of the fund in an S&P 500 stock index fund and 30% in a passive fund designed to match the Lehman municipal bond index.

    Both strategies are designed to minimize taxes on the non-tax-exempt fund, Mr. White said.

    The fund had been temporarily invested in mutual funds. He declined to name them. No consultant was used.

    Princess Hotels International Inc., New York, hired Regis Retirement Plan Services to provide bundled services for its retirement plans, which total about $22 million. Through a partnership with Kwasha Lipton, Regis will provide daily valued record keeping beginning March 1 for three defined contribution, one defined benefit and one non-qualified benefit plan. Regis will provide an automated voice- response system, plan administration and compliance and employee communications.

    Princess Hotels will continue to invest all assets in a balanced option, managed by NWQ; NWQ and Regis are both owned by United Asset Management.

    Mercer was the company's previous record keeper.

    The $75 million Marshfield Clinic 401(k) plan, Marshfield, Wis., hired two managers to offer new investment options, said Thomas Bauer, plans manager. Brandywine Asset Management will run an aggressive equities portfolio, and Vanguard Group will run a passive balanced fund of 60% equities indexed to the Wilshire 5000 index and 40% bonds indexed to the Lehman Aggregate index.

    The two additions bring the plan's total investment portfolio options to seven, all run by various managers.

    Jeffrey Slocum & Associates assisted.

    Hagen Kurth Perman & Co., a Seattle accounting firm, hired Regis Retirement Plan Services to provide fully bundled services for its 401(k) plan, which covers about 40 employees.

    The company previously used IPC for administration and record keeping. Investments will remain with Sirach, an affiliate of Regis, but with daily valuation and transfers.

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