The Group Health Cooperative of Puget Sound, Seattle, added PIMCO's Total Return Fund, a domestic fixed-income fund, to its $232 million medical staff defined contribution plan. PIMCO will run about $22.5 million from the plan's $157 million general fund, which is directed by a pension committee. The rest of the plan is employee-directed, said Rich Passer, director of medical staff benefits.
The cooperative's pension committee decided to reduce the allocation to Safeco Asset Management, which had managed a balanced fund and now will specialize in equity investments. Safeco will continue to manage $37 million for the fund. SEI assisted.