Pacific Telesis Group
($ millions)
Total assets 16,799
Defined benefit 12,819
Total defined contribution 3,980
*401(k)/457 3,246
Employer DB contributions 0
Benefit payments 1,065
Total DC contributions 170
Internally managed assets:
Defined benefit 899
The fund uses:
Stock options
Bond options
Stock index futures
Fixed-income futures
Short selling
Managed futures
Swaps
Defined benefit asset mix:
Stocks 73.9%
Fixed income 22.3%
Cash equivalents 0.9%
Real estate equity 2.9%
Defined contribution asset mix:
Company stock 41.9%
Other stock 33.2%
Fixed income 1.5%
GICs/BICs 8.0%
Cash equivalents 3.6%
Other 11.8%
SAN FRANCISCO - As of Sept. 30, Pacific Telesis Group's total employee benefit assets increased 9.6% from a year earlier. Defined benefit assets increased 10.3% during the same period; defined contribution assets increased 7.4%.
Employer contributions to the defined benefit plan remained at zero; benefits paid increased 24.7%.
Defined benefit managers:
Domestic equities: Progress Trust; BGI; Mellon Capital; Alliance; American Express; Dodge & Cox; Gardner Lewis; Oppenheimer.
International equities: Silchester; Marathon; Progress Trust; Walter Scott; Capital Guardian; State Street Global.
Domestic fixed-income: Dodge & Cox; Hoisington; BEA; BlackRock; BGI.
Defined contribution manager: State Street Global.
The master trustee/custodian is Boston Safe Deposit.
Key personnel overseeing the investment management of the fund are Roger Wohlert, managing director-finance & assistant treasurer; Charles C. Weaver, director pension fund; Todd Brockwell, corporate manager pensions (equity/fixed income); Barbara McDowell, corporate manager pension (real estate/private equity). Overseeing the defined contribution plan are Mr. Wohlert and Mr. Weaver.
J.C. Penney Co. Inc.
($ millions)
Total assets 7,736
Defined benefit 3,021
*401(k)/457 4,715
Employer DB contributions 0
Benefit payments 190
Total DC contributions 215
The fund uses:
Stock index futures
Fixed-income futures
Defined benefit asset mix:
Stocks 70%
Fixed income 25%
Real estate equity 4%
Other 1%
Defined contribution asset mix:
Company stock 59%
GICs/BICs 26%
Balanced Funds 15%
PLANO, Texas - As of Sept. 30, J.C. Penney Co. Inc.'s total employee benefit assets increased 10% from a year earlier. Defined benefit assets increased 18% during the same period; defined contribution assets increased 6%.
Employer contributions to the defined benefit plan were zero; benefits paid increased 90%.
Defined benefit managers:
Domestic equities: Geo Capital; Spare Kaplan; Pacific Financial Research; GSB Investments; J.P. Morgan; Jacobs Levy; Gardner Lewis; Artisan.
International equities: Rowe Price Fleming; Baille Gifford; GMO.
Domestic fixed-income: J.P. Morgan; W.R. Huff.
Real estate: RREEF; Westmark.
Other managers: KKR.
Defined contribution managers:
Stable value: T. Rowe Price.
Life cycle: State Street Global.
The master trustee/custodian and global custodian is State Street Bank.
Key personnel overseeing the investment management of both funds are Joe Wright, manager of benefit plans investments; and Michael Dastuque, financing project manager.
Pennyslvania Public
School Employees'
Retirement System
($ millions)
Total assets* 39,133
Defined benefit 39,133
*From Money Market Directory
Defined benefit asset mix:
Stocks 65%
Fixed income 26%
Cash equivalents 3%
Real estate equity 6%
HARRISBURG, Pa. - As of June 30, the Pennsylvania Public School Employes' Retirement System's total employee benefit assets increased 17% from a year earlier, according to data from Money Market Directory. All assets are defined benefit.
During the year, the system approved a plan to hire four firms to manage 20% of the fund's total assets in global portfolios. The managers will have the mandate to invest wherever they see opportunities.
The fund also was reported to have made the investments in or commitments to:
Keystone Venture Capital Management Co.'s Keystone V; Lehman Brothers Merchant Banking Partners II; a venture capital fund that will make investments in Pennsylvania, whose general partner is Safeguard Scientific; Lazard Freres' LF Strategic Realty Investors II; the Security Capital Group's private real estate investment trust; and Berwind Property Partners IV. It also increased its commitment to SCP Partners, a private equity firm. The fund hired Aberdeen America, Roll & Ross Asset Management and Bay Isle Financial to each manage $15 million.
The key person overseeing the investment management of the fund is John C. Lane, chief investment officer.
Commonwealth of
Pennsylvania State
Employes' Retirement
System
($ millions)
Total assets 21,762
Defined benefit 21,248
457 514
Employer DB contributions 321
Benefit payments 1,038
Total DC contributions 65
Internally managed assets:
Defined contribution 13
The fund uses:
Defined benefit asset mix:
Stocks 61.7%
Fixed income 23.0%
Real estate equity 7.3%
Other 8.0%
Defined contribution asset mix:
Stocks 57.4%
Fixed income 9.0%
GICs/BICs 31.1%
Cash equivalents 2.5%
HARRISBURG, Pa. - As of Sept. 30, Commonwealth of Pennsylvania State Employes' Retirement System's total employee benefit assets increased 21% from a year earlier. Defined benefit assets increased 20% for the same period; defined contribution assets increased decreased 40%.
Employer contributions to the defined benefit plan increased 15%; benefits paid increased 48%.
Defined benefit managers:
Domestic equities: BGI; Deitche & Field; Emerald Advisers; Fidelity; Iridian; J.P. Morgan; Loomis Sayles; Lord Abbet; MacKay-Shields; Mellon Equity; Miller, Anderson & Sherrerd; Neuberger & Berman; Pilgrim Baxter; Provident Investment Counsel; Sturdivant; Trinity Investment Management; Trinity Small Value; Rosenberg Institutional; Zevenbergen.
International equities: BGI; BEA; GAM; J.P. Morgan; Marathon; Mercury Asset; Miller, Anderson & Sherrerd; Morgan Stanley; Pictet; Scottish Widows; Seligman Henderson; TCW; Templeton.
Fixed income: Mellon Bond; Fischer Francis Trees & Watts; J.P. Morgan; Miller, Anderson & Sherrerd; P.G. Corbin; Smith Graham.
Actively managed specialty portfolios: CIGNA; CECG CoreStates; Fidelity; John Hancock; Legg Mason Real Estate Advisors; TCW; W.R. Huff.
Cash: BGI.
Currency Overlay: Pareto; Record Treasury.
Real estate: CRA; Forest; Heitman; LaSalle; Lowe; RAI; Allegis; Alex. Brown; Blackstone; Copley; Corporate Property Investors; Goldman Sachs-Whitehall; Heitman-California Land Venture; Heitman; John Hancock; Metric Apartment; Oxford; PSI; Sentinel; Starwood Capital; Westmark.
Venture Capital: APA/Fostin; Advent; Bachow; CEO Venture; Edison; Fairview Capital; Fostin Capital; Grotech Partners; Healthcare Ventures; Keystone; NEPA; Pittsburgh Seed Fund; Point Venture; Polaris Venture; PNC Venture Group; Sprout; Stock Distributions; Summit Ventures; TDH; Technology Leaders; Weston Presidio; Zero Stage Capital.
Alternative Investments: ABRY Broadcast Partners; APAX Partners; Blackstone; B III Capital Partners; Brentwood; Charterhouse; Clayton Dubilier & Rice; Code, Hennessy & Simmons; DLJ; Frontenac; Golder Toma Cressey & Rauer; Hellman & Friedman; Hancock; Kelso; Landmark; Madison Dearborn; Media/Comm Partners; Murphy & Fauver; Oaktree; RR & Z PA Fund; Schroder; TPG Partners; TCW; Vestar Capital.
Defined contribution managers:
Domestic equities: BGI.
International equities: BGI.
Domestic fixed-income: Mellon Bond.
The master custodian and global custodian is State Street Bank.
Key personnel overseeing the investment management of the fund are Peter M. Gilbert, chief investment officer; John C. Winchester, director of public markets; David J. Kalman, director of real estate; Karen Nicely, director of equity investments; and Diane Sterthous, director of venture capital and alternative investments. Overseeing the defined contribution plan are Anthony Hines, administrator, and Francis Donlevy, director/OFM.
Pfizer Inc.
($ millions)
Total assets 4,471
Defined benefit 1,750
401(k)/457 2,721
Employer DB contributions 0
Benefit payments 106
Total DC contributions 120
Defined benefit asset mix:
Stocks 70%
Fixed income 20%
Cash equivalents 3%
Real estate equity 3%
Other 4%
Defined contribution asset mix:
Company stock 75%
Other stock 12%
Fixed income 11%
Cash equivalents 2%
NEW YORK - As of Sept. 30, Pfizer Inc.'s total employee benefit assets increased 35.4% from a
