($ 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 ayear earlier. Defined benefit assets increased 24.1% during the same period; Defined contribution assets increased 43.8%
The employer contribution to the defined benefit plan remained at zero; benefits paid increased 21.8%.
Defined benefit managers:
Domestic equities: Forstmann-Leff; Reich & Tang; Iridian; Hotchkis & Wiley; Alliance; TCW; Columbus Circle.
International equities: Bank of Ireland; Jennison; Hotchkis International; Bee & Associates; Sit/Kim International.
Domestic fixed-income: PIMCO; Northern Trust.
Real estate: AEW; Corporate Partners; Heitman.
Other managers: TA Associates; Lazard Freres; Kelso; Hicks Muse; Ampersand.
Defined contribution managers:
Domestic equities and domestic fixed income: Northern Trust.
The master trustee/custodian and global custodian is Northern Trust.
Key personnel overseeing the investment management of the fund are Daniel d'Orchimont, director-benefit financing; Daniel Reardon, manager-benefit financing; and Angelique Hunt, manager-benefit financing. Overseeing the defined contribution plan are Mr. d'Orchimont; Mr. Reardon; and Joan Hunt, assistant manager-benefit financing.
Philip Morris Cos. Inc.
($ millions)
Total assets 15,209
Defined benefit 8,067
Total defined contribution 7,142
*401(k)/457 7
Employer DB contributions 158
Benefit payments 673
Total DC contributions 159
The fund uses:
Stock options
Fixed-income futures
Swaps
Defined benefit asset mix:
Stocks 67%
Fixed income 27%
Private equity 2%
Real estate equity 3%
Mortgages 1%
Defined contribution asset mix:
Company stock 38%
Other stock 31%
Fixed income 5%
GICs/BICs 24%
Other 2%
NEW YORK - As of Sept. 30, Philip Morris Cos. Inc.'s total employee benefit assets increased 23.3% from a year earlier. Defined benefit assets increased 19.1% during the same period; defined contribution assets increased 28.4%.
Employer contributions to the defined benefit plan increased .5%; benefits paid increased 116.4%
Defined benefit managers:
Domestic equities: Alliance; Neuberger & Berman; Liberty; Bernstein; Wellington; Ardsley; State Street.
International equities: State Street; Nomura; WorldInvest; Mercury; Morgan Stanley; Alliance; Ardsley.
Domestic fixed-income: Fischer Francis; Reams; PIMCO; Loomis Sayles.
International fixed-income: Mercury
Real estate: Schroder; Zell; GE; Heitman; ABKB LaSalle; Newland.
Other managers: Warburg Pincus; Fenway; Cypress; Oaktree; Madison Dearborn; GE; Sprout; Blackstone; Common Venture; John Hancock.
Defined contribution managers:
Domestic equities: Bankers Trust; American Century.
International equities, domestic fixed-income and balanced: Bankers Trust.
The master trustee/custodian for the defined benifit paln is State Street Bank. The master trustee/custodian for the defined contribution fund is Bankers Trust. The global custodian is State Street Bank.
Key personnel overseeing the investment management of the fund are Mark Werner, vice president; Mary Lee Calimano, director equities; and Ron Lombardo, manager-fixed income and private markets. Mr. Werner and Ms. Calimano also oversee the defined contribution plan.
PPG Industries Inc.
($ millions)
Total assets 4,703
Defined benefit 2,059
*401(k)/457 2,644
Employer DB contributions 0
Benefit payments 106
Total DC contributions 97
The fund uses:
Stock options
Stock index futures
Fixed-income futures
Defined benefit asset mix:
Stocks 76%
Fixed income 24%
Defined contribution asset mix:
Company stock 67%
Other stock 10%
Fixed income 3%
GICs/BICs 20%
PITTSBURGH - As of Sept. 30, PPG Industries Inc.'s total employee benefit assets increased 17% from a year earlier. Defined benefit assets increased 23% during the same period; defined contribution assets increased 13%.
The company did not make a contribution to the defined benefit plan in the most recent plan year; contributions totaled $100 million in the previous plan year.
Defined benefit managers:
Domestic equities: BGI; Dimensional Fund Advisors.
International equities: Sprucegrove; Capital International; Dimensional Fund Advisors.
Domestic fixed-income: J.P. Morgan.
Defined contribution managers:
Domestic equities: Mellon Capital.
Domestic fixed-income: Fidelity Management.
Balanced: PanAgora.
The master trustee/custodian and global custodian is Mellon Bank.
Key personnel overseeing the investment management of the fund are Charles H. Elmer, director, benefits investment and financing; and William R. Dewalt, manager, benefits investment and financing. Joseph G. Zyra, manager, capital accumulation, oversees the defined contribution plan.
Board of Pensions of the
Presbyterian Church (USA)
($ millions)
Total assets* 5,070
Defined benefit 5,000
Total defined contribution 70
*According to Nelson's data
Defined benefit asset mix:
Stocks 64.6%
Fixed income 34.4%
Real estate equity 1.0%
*From Nelson's Directory of Plan Sponsors
PHILADELPHIA - As of Sept. 30, the employee benefit assets of the Board of Pensions of the Presbyterian Church (USA) increased 23% from a year earlier. The defined benefit assets rose 23%; defined contribution assets increased 40%.
Defined benefit managers:
Domestic equity: Alliance; BGI; Barrow Hanley; Capital Guardian; GeoCapital; Lazard; Lincoln; J.P. Morgan.
International equity: Capital Guardian; Grantham Mayo van Oterloo; Templeton.
Domestic fixed income: CoreStates; Dodge & Cox; PIMCO; Reams Asset; Smith, Graham; Standish Ayer.
Real estate: CIGNA; Heitman; LaSalle; New England Development.
Global allocation: TCW.
Defined contribution managers: Vanguard.
International equities: Rowe Price-Fleming.
The master custodian is Mellon Trust.
The key person overseeing the investment management of the fund is Judith Freyer, vice president, investments, and treasurer.
Procter & Gamble Co.
($ millions)
Total assets* 17,187
Defined benefit 187
Total defined contribution 17,000
*401(k)/457 271
Employer DB contributions 0
Benefit payments 11
Total DC contributions 156
*as of June 30
The fund uses:
Stock index futures
Fixed-income futures
Defined benefit asset mix:
Stocks 48.9%
Fixed income 51.1%
Defined contribution asset mix:
Company stock 94%
Other stock 2%
Fixed income 1%
GICs/BICs 1%
Cash equivalents 2%
CINCINNATI - As of June 30, Procter & Gamble Co.'s total employee benefit assets increased 47% from a year earlier. Defined benefit assets increased 10% during the same period; defined contribution assets increased 47%.
Employer contributions to the defined benefit plan remained at zero; benefits paid increased 267%.
Defined benefit managers:
Domestic equities: J.P. Morgan; BGI; Denver Investment.
International equities: Templeton.
Domestic fixed-income: J.P. Morgan.
Defined contribution managers: J.P. Morgan; BGI.
Key personnel overseeing the investment management of both funds are C.C. Daley, vice president and treasurer; J.R. Lawhead, assistant treasurer; and R.T. Druffel, director-global pensions.
