Federal Express Corp.
($ millions)
Total assets 6,240
Defined benefit 3,736
Total defined contribution 2,504
*401(k)/457 2,290
Employer DB contributions 142
Benefit payments 40
Total DC contributions 225
Internally managed assets:
Defined benefit asset mix:
Stocks 72%
Fixed income 24%
Cash equivalents 1%
Real estate equity 0.1%
Other 2.9%
Defined contribution asset mix:
Other stock 69%
Fixed income 9%
Cash equivalents 19%
Other 3%
MEMPHIS, Tenn. - As of Sept. 30, Federal Express Corp.'s total employee benefit assets increased 38% from a year earlier. Defined benefit assets increased 28% during the same period; defined
contribution assets increased 54%.
Employer contributions to the defined benefit plan decreased 34%; benefits paid increased 38%.
The master trustee/custodian and global custodian is Northern Trust.
Key personnel overseeing the investment management of both funds are Loren Jensen, manager-trust investments, and Nelson Smith, financial adviser-trust investments.
Federal Reserve Employee
Benefits System
($ millions)
Total assets 7,033
Defined benefit 4,976
401(k)/457 2,057
Employer DB contributions 0
Benefit payments 116
Total DC contributions 137
Internally managed assets:
Defined contribution 1,464
The fund uses:
Stock index futures
Fixed-income futures
Defined benefit asset mix:
Stocks 66%
Fixed income 30%
Cash equivalents 4%
Defined contribution asset mix:
Stock 27%
Fixed income 1%
GICs/BICs 71%
Cash equivalents 1%
NEW YORK - As of Sept. 30, the Federal Reserve Employee Benefits System's total employee benefit assets increased 26.4% from June 30, 1996. Defined benefit assets increased 30.3% during the same period; defined contribution assets increased 18%.
Defined benefit managers: Fayez Sarofim; Wellington; Lincoln Capital; Miller, Anderson & Sherrerd; Loomis, Sayles; Sanford C. Bernstein; Mitchell Hutchins; Aeltus.
Defined contribution managers:
Domestic equities: Fayez Sarofim; Lincoln Capital; Wellington; Capital Research & Management; Neuberger & Berman; Vanguard.
International equities: Rowe Price-Fleming.
Domestic fixed-income: Federated Investors.
Balanced: Invesco.
The master trustee/custodian is Chase Manhattan Bank.
Key personnel overseeing the investment management of both plans are Paul C. Lipson, chief investment officer; and Christopher Knisley, senior investment analyst.
Federal Retirement Thrift
Investment Board
($ millions)
Total assets 55,491
Total defined contribution 55,491
Total DC contributions 6,417
Internally managed assets: 24,698
Defined contribution asset mix:
Stock 50%
Fixed income 5%
Cash equivalents 45%
WASHINGTON - As of Sept. 30, Federal Retirement Thrift Investment Board's total employee benefit assets, all defined contribution, increased 33% from a year earlier.
Defined contribution manager: BGI.
The external master trustee/custodian is BGI.
Overseeing the plan are Peter B. Mackey, director of investments; Alison L. Doone, deputy director of investments; and Patricia A. Lachman, senior financial analyst.
Florida State Board
of Administration
($ millions)
Total assets 71,940
Defined benefit 71,940
Employer DB contributions 3,037
Benefit payments 1,608
Internally managed assets 33,109
The fund uses:
Stock options
Bond options
Stock index futures
Fixed-income futures
Swaps
Defined benefit asset mix:
Stocks 68%
Fixed income 25%
Cash equivalents 2%
Private equity 1%
Real estate equity 4%
TALLAHASSEE, Fla. - As of Sept. 30, the Florida State Board of Administration's total employee benefit assets - all defined benefit - increased 29% from a year earlier.
Defined benefit managers:
Domestic equities: Alliance; American Express; Aronson; David L. Babson; Barrow, Hanley, Mewhinney & Strauss; BGI; Centre Capital; Corporate Advisors; Denver Investment; Enhanced Investment Technologies; Barnett Banks; Carl Domino; Haven Capital; Private Capital; First Quadrant; Goldman Sachs; Independence; Lazard Freres; Newbold; Progress; Prudential Asset; Putnam; Wilshire.
International equities: Blairlogie Capital; BGI; Capital Guardian; Dicam Emerging Markets; J.P. Morgan; Morgan Stanley; Pictet; Putnam; Schroder Capital; Sprucegrove; State Street Global; Rowe Price-Fleming; Templeton.
Domestic fixed-income: Alliance; APAM; BEA; Glenmede Trust; OFFITBANK; PIMCO; Salomon Brothers; TCW.
Real estate: Allegis; Clarion; ERE Yarmouth; First National Bank of Chicago; Hancock Agricultural; Hancock; Heitman; Kensington; LaSalle; L&B; Prudential.
Venture capital/LBO: Carlyle; Cypress; Hicks, Muse; Liberty Partners; Ripplewood.
The master trustee/custodian and global custodian is State Street Bank.
Key personnel overseeing the investment management of the fund are Lan Janecek, chief of equities; Barbara Jarriel, chief of fixed income; Susan Schueren, chief of international equities; and Doug Bennett, chief of real estate.
Ford Motor Co.
($ millions)
Total assets 47,775
Defined benefit 35,700
Total defined contribution 12,075
Employer DB contributions 307
Benefit payments 1,539
The fund uses:
Stock options
Bond options
Stock index futures
Fixed-income futures
Swaps
Defined benefit asset mix:
Stocks 65%
Fixed income 33%
Cash equivalents 1%
Real estate equity 1%
DEARBORN, Mich. - As of Sept. 30, Ford Motor Co.'s total employee benefit assets increased 24% from a year earlier. Defined benefit assets increased 21% during the same period; defined contribution assets increased 34%.
Employer contributions to the defined benefit plan decreased 29%; benefits paid increased 3%.
Defined benefit managers:
Equities: Alliance; Ariel; Sanford Bernstein; Capital Guardian; Fidelity; Mitchell Hutchins; J.P. Morgan; PRIMECAP; Sarofim Trust; Scudder; Comerica Bank.
Fixed-income: BlackRock; Capital Guardian; Fischer Francis; Goldman Sachs; Miller Anderson; J.P. Morgan; PIMCO; Standish Ayer & Wood; State Street Research; T. Rowe Price; BGI.
Real estate: Allegis; ERE Yarmouth; LaSalle; L&B; Schroder; Westmark; GE; Prudential.
Defined contribution managers:
Domestic equities: Fidelity; T. Rowe Price; Scudder; Vanguard; Comerica.
International equities: Fidelity; T. Rowe Price; Scudder; Vanguard.
Domestic fixed-income: Fidelity; T. Rowe Price; Scudder; Vanguard; BGI.
International fixed-income: Fidelity; T. Rowe Price; Scudder; Vanguard.
Real estate: Fidelity.
Balanced: Fidelity; Vanguard.
The master trustee/custodian and global custodian is Comerica Bank.
Key personnel overseeing the investment management of the fund are David M. Brandi, director, pension asset management; and James M. Williams, associate director, pension asset management.
Overseeing the defined contribution plan are Lee Mezza, manager, N.A. Compensation & Benefits; and Mr. Brandi.
General Dynamics Corp.
($ millions)
Total assets 6,596
Defined benefit 3,919
401(k)/457 2,677
Employer DB contributions 20
Benefit payments 150
Total DC contributions 40
The fund uses:
Stock index futures
Fixed-income futures
Defined benefit asset mix:
Stocks 26%
Fixed income 74%
Defined contribution asset mix:
Company stock 19%
Other stock 24%
Fixed income 6%
GICs/BICs 49%
Other 2%
ST. LOUIS - As of Sept. 30, General Dynamics Corp.'s total employee benefit assets increased 16.6% from a year earlier. Defined benefit assets increased 23.2% during the same period; defined contribution assets increased 8.1%.
Employer contributions to the defined benefit plan stayed the same; benefits paid increased 11.1%.
Defined benefit managers:
Domestic equities: J.P. Morgan; Alliance; Westpeak.
Domestic fixed-income: State Street Research; NISA; PIMCO.
Defined contribution managers: State Street Bank; Fiduciary Asset.
The master trustee/custodian is Northern Trust.
Key personnel overseeing the investment management of the funds are Charles D. Walbrandt, president-Fiduciary Asset Management; and Joseph E. Gallagher, vice president-Fiduciary Asset Management.
