San Francisco City & County
Employees' Retirement
System
($ millions)
Total assets7,315
Defined benefit6,963
457 plan*352
Employer DB contributions100
Benefit payments284
*DC assets as of June 30
Internally managed assets:
Defined benefit2,000
Hedging devices used:
Stock options
Stock index futures
Defined benefit asset mix:
Stocks42.0%
Fixed income46.4%
Real estate equity8.5%
Alternative investments3.1%
Defined contribution asset mix:
Stock32%
Fixed income2%
GICs/BICs51%
Cash equivalents1%
Other14%
SAN FRANCISCO - As of Sept. 30, the San Francisco City & County
Retirement System total employee benefit assets increased 19.6% from a
year earlier. Defined benefit assets increased 13.8% during the same period.
Employer contributions to the defined benefit plan decreased 1%; benefits paid increased 4.4%.
Defined benefit managers:
Domestic equities: Ark Asset; Dietch & Field; Provident; Nicholas-Applegate; Axe-Houghton.
International equities: Capital Guardian; Oechsle; Dunedin; Pictet.
Domestic fixed-income: Scudder; TCW; Schroder; AEW.
Global fixed-income: Brinson; Mercury.
Real estate: RREEF; AMB; Heitman/JMB; Metric; Schroder.
Defined contribution managers:
Domestic equities: Hartford; Wellington; Fidelity.
International equities: Hartford; Fidelity.
Domestic fixed-income: Hartford.
The master trustee, master custodian and global custodian is Bankers Trust.
Key personnel overseeing the investment management of the fund are Carolyn Hamilton, chief investment officer; Gary Hiatt, portfolio manager; and Richard Piker, portfolio manager. Overseeing the defined contribution plan is Clare Murphy, executive director.
SBC Communications Inc.
($ millions)
Total assets10,611
Defined benefit8,219
Total defined contribution2,392
*401(k)752
*Thrift/savings1,092
*ESOP548
Employer DB contributions0
Benefit payments365
Total DC contributions173
Defined benefit asset mix:
Stocks70.2%
Fixed income 24.2%
Cash equivalents0.6%
Real estate equity4%
Venture capital1%
Defined contribution asset mix:
Company stock70.2%
Other stock10.5%
Fixed income1.6%
GICs/BICs17.4%
Other0.3%
SAN ANTONIO, Texas - As of Sept. 30, SBC Communications Inc., formerly Southwestern Bell Corp., had a 19% increase in its total employee benefit assets from a year earlier. Defined benefit assets increased 16% during the same period; defined contribution assets increased 31%.
Employer contributions to the defined benefit plan were again zero; benefits paid increased 2%.
Defined benefit managers:
Domestic equities: GeoCapital; Goldman Sachs; Independence; Intech; Jennison; NFJ Advisors; Nicholas-Applegate; Pilgrim Baxter; Rosenberg; Sasco Capital; Southeastern Asset; Wells Fargo.
International equities: IDS; Jennison; Morgan Stanley; Nomura; Schroder Capital; Wells Fargo.
Domestic fixed-income: Jennison; Mississippi Valley; Wells Fargo.
Real estate: AEW; Heitman; MacFarlane; PSI; RREEF; Sentinel.
Venture capital: Bigler; Brinson Partners.
Defined contribution managers:
Domestic equities: Wells Fargo Nikko.
International equities: Wells Fargo Nikko.
Domestic fixed-income: Wells Fargo Nikko.
The master trustee is NationsBank of Texas; the global custodian is Chase Manhattan.
Key personnel overseeing the investment management of the fund are Charles C. Weaver, director-pension fund; Claudia J. Brown, director-pension investments and administration; Stanley J. Fujarski, corporate manager-pension investments administration; and Barbara J. McDowell, manager-savings plans and real estate investments.
Overseeing the defined contribution plan are Ms. Brown, Ms. McDowell and Cathleen Butler, specialist-pension and savings plans.
Sears, Roebuck and Co.
($ millions)
Total assets8,666
Defined benefit1,636
Profit sharing7,030
DB Benefit payments263
Internally managed assets:
Defined benefit640
Defined contribution7,030
Hedging devices used:
Stock options
Stock index futures
Defined contribution asset mix
Company stock51%
Other stock19%
Fixed income17%
Cash equivalents13%
CHICAGO - As of Sept. 30, Sears, Roebuck and Co.'s total employee benefit assets increased 21% from a year earlier. Defined benefit assets decreased 3% during the same period; defined contribution assets increased 28%.
Defined benefit managers:
Domestic equities: DFA; Lincoln Capital; Jurika & Voyles; Cowen; Dreihaus; Janus; Provident; MFS; Target; Oppenheimer; DePrince.
International equities: State Street; Acadian; Capital Guardian; RCB; Credit Lyonnais; Walter Scott; Lazard; Wellington; Pictet; J.P. Morgan.
Real estate: AEW.
The defined benefit plan master trustee, custodian and global custodian is Chase Manhattan.
The defined contribution plan master trustee and custodian is Northern Trust.
Sheet Metal Workers
International
($ millions)
Total assets*2,683
Defined benefit2,683
* P&I estimate
WASHINGTON - P&I estimates the Sheet Metal Workers International's employee benefit assets totaled $2.683 billion as of Sept. 30. The estimate is based on data in the Money Market Directory.
The key person overseeing the fund is Cheryl Abon-O'Shea, controller.
Shell Oil Co.
($ millions)
Total assets11,596
Defined benefit4,746
401(k)6,850
Employer DB contributions0
Benefit payments270
Total DC contributions251
Internally managed assets:
Defined benefit667
Hedging devices used:
Stock options
Bond options
Stock index futures
Fixed-income futures
Short selling
Managed futures
Swaps
Defined benefit asset mix:
Stocks61%
Fixed income20%
Cash equivalents5%
Real estate equity5%
Private investments7%
Tactical asset allocation2%
Defined contribution asset mix:
Company stock14%
Other stock16%
GICs/BICs64%
Other6%
HOUSTON - As of Sept. 30, Shell Oil Co.'s total employee benefit assets increased 10% from a year earlier. Defined benefit assets increased 11% during the same period; defined contribution assets increased 9%.
Employer contributions to the defined benefit plan remained at zero; benefits paid decreased 4%.
Defined benefit managers:
Domestic equities: Dodge & Cox; Fayez Sarofim; Fisher; Independence; Investment Research; Sanford Bernstein; Wells Fargo; Wilshire.
International equities: Daiwa; Genesis; Goldman Sachs; HSBC-Hong Kong; IAI International; Morgan Stanley; Wells Fargo.
Domestic fixed-income: BEA; UBS.
Real estate: Aetna; Cabot Partners; Carew; Equitable; Heitman/JMB; RREEF; US-PPI.
TAA: First Quadrant; Wells Fargo.
Private investments: AM Technology Fund; American Industrial; BCP; Canadian Advisors; Equitable; GE; Landmark; O'Donnell & Masur; Philadelphia Ventures; Prudential; T.H. Lee; TCW; Triad; Warburg Pincus; WG Trading Co.; Zell/Chilmark.
Defined contribution managers:
Domestic equities: Northern Trust.
GICs: Fidelity.
Balanced: J.P. Morgan.
The master custodian is Boston Safe Deposit & Trust for the defined benefit plan and Northern Trust for the defined contribution plan.
Walt Schroeder, chief investment officer, oversees the investment management of both plans.
South Carolina
Retirement Systems
($ millions)
Total assets14,932
Defined benefit14,112
401(k)*820
Employer DB contributions399
Benefit payments601
*From Money Market Directory
Internally managed assets:
Defined benefit14,112
Hedging devices used:
Swaps
Defined benefit asset mix:
Fixed income74.5%
Cash equivalents7.2%
Mortgages18.3%
COLUMBIA, S.C. - As of Sept. 30, the South Carolina Retirement Systems' total employee benefit assets increased 14.7% from a year earlier. Defined benefit assets increased 14.8% during the same period. Defined contribution assets totaled $820 million as of June 30, according the Money Market Directory.
Employer contributions to the defined benefit plan increased 6.1%; benefits paid increased 3.7%.
The master custodian is Bank of New York.
Key personnel overseeing the investment management of the fund are Richard Eckstrom, state treasurer; John Pownall, deputy treasurer; and Chuck Sanders, senior assistant treasurer.
Annuity Board of the
Southern Baptist Convention
($ millions)
Total assets4,646
Defined benefit1,546
403(b)3,100
Employer DB contributions0
Benefit payments160
Hedging devices used:
Stock options
Bond options
Stock index futures
Fixed-income futures
Defined benefit asset mix:
Stocks57%
Fixed income36%
Cash equivalents5%
Real estate equity2%
Defined contribution asset mix:
Other stock36%
Fixed income19%
GICs/BICs40%
Cash equivalents5%
DALLAS - As of Sept. 30, the Annuity Board of the Southern Baptist Convention's total employee benefit assets increased 14% from a year earlier. Defined benefit assets increased 13% during the same period; defined contribution assets increased 15%.
Employer contributions to the defined benefit plan remained at zero; benefits paid increased 18%.
Defined benefit managers:
Domestic equities: BEA; Goldman Sachs; Independence; RCM; Provident; GAMCO; Ganucheau, Stupfel & Brumley; Barrow, Hanley; Husic.
International equities: Brinson; Walter Scott; Dunedin; Montgomery; Genesis.
Domestic fixed-income: Spectrum; STW; BlackRock; Payden & Rygel; J.P. Morgan; Western; Loomis, Sayles; RCM.
Defined contribution managers:
Domestic equities: BEA; Goldman Sachs; Independence; RCM; Provident; GAMCO; Ganucheau, Stupfel & Brumley; Barrow, Hanley; Husic.
International equities: Brinson; Walter Scott; Dunedin; Montgomery; Genesis.
Domestic fixed-income: Spectrum; STW; Black Rock; Payden & Rygel; J.P. Morgan; Western; Loomis, Sayles; RCM.
The master custodian and global custodian is Northern Trust.
Key personnel overseeing the investment management of both funds are John R. Jones, senior vice president and chief investment officer; Robert H. Jones Jr., investment specialist; and Nathan L. Hutson, investment specialist.
Southern California Edison
($ millions)
Total assets4,008
Defined benefit2,546
401(k)1,462
Employer DB contributions50
Benefit payments96
Total DC contributions90
Internally managed assets:
Defined benefit135
Defined benefit asset mix:
Stocks62.6%
Fixed income19.2%
Cash equivalents6.0%
Real estate equity3.0%
Tactical asset allocation4.6%
Alternative investments4.6%
Defined contribution asset mix:
Company stock67%
Other stock25%
GICs/BICs1%
Cash equivalents7%
ROSEMEAD, Calif. - As of Sept. 30, Southern California Edison's total employee benefit assets increased 13.3% from a year earlier. Defined benefit assets increased 13.8% during the same period; defined contribution assets increased 12.5%.
Employer contributions to the defined benefit plan did not change; benefits paid increased 21.5%.
Defined benefit managers:
Domestic equities: Jundt Associates; Mellon Capital; Dodge & Cox; PIMCO; Progress; Suffolk Capital; Wells Fargo Nikko; Hotchkis & Wiley; Pacific Financial Research; Dimensional Fund Advisors; Gardner Lewis.
International/global equities: Acadian; Bridgewater; Genesis; Mellon; Marathon; Progress; TCW.
Domestic fixed-income: PIMCO; RCM.
International fixed-income: PIMCO.
Real estate: AMB;, Heitman/JMB; LaSalle; PMRealty; Equitable; TCW; Yarmouth.
TAA: Mellon Capital.
Alternative: Sit Kim International.
Cash: RCM; Payden & Rygel.
Defined contribution managers:
Domestic equities: Wells Fargo Nikko.
International equities: Frank Russell.
Domestic fixed-income: Frank Russell.
The master trustee is Boston Safe/Mellon Trust.
Key personnel overseeing investment management of the defined benefit fund are Alan J. Fohrer, executive vice president and chief financial officer; Gilbert J. Gould, manager of financial services; and David E. Ertel, manager of investments. Overseeing the defined contribution plan are Alex Ham, manager of benefits accounting, and Ramon Ang, benefits analyst.
