I.A.M. National Pension Fund
($ millions)
Total assets 4,135
Defined benefit 4,126
Total defined contribution 9
Employer DB contributions 88
Benefit payments 131
Total DC contributions 1
The fund uses:
Stock index futures
Fixed-income futures
Defined benefit asset mix:
Stocks 63.2%
Fixed income 33.2%
Cash equivalents 3.4%
Real estate equity 0.2%
Defined contribution asset mix:
Fixed income 56.3%
Cash equivalents 43.7%
WASHINGTON - As of Sept. 30, the I.A.M. National Pension Fund's total employee benefit assets increased 27.6% from a year earlier. Defined benefit assets increased 27.7% during the same period; defined contribution assets decreased 10%
Employer contributions to the defined benefit plan increased 8.6%; benefits paid increased 4.8%
Defined benefit managers:
Domestic equities: Dodge & Cox; State Street Bank; Standish Ayer & Wood; Reich & Tang; Amalgamated Bank; Mellon Capital; RXR.
Domestic fixed-income: Dodge & Cox; State Street Bank; Loomis Sayles.
Real estate: AFL-CIO Housing Investment Trust.
Cash: Payden & Rygel.
The master trustee/custodian and master custodian is State Street Bank.
The key person overseeing the investment management of the funds is Alan Skolnick, fund director.
IBM Corp.
($ millions)
Total assets 53,122
Defined benefit 39,151
401(k)/457 13,971
Employer DB contributions 0
Benefit payments 1,818
Total DC contributions 817
Internally managed assets:
Defined benefit 13,823
Defined benefit asset mix:
Stocks 59.8%
Fixed income 29.8%
Private equity 6.3%
Real estate equity 4.1%
Defined contribution asset mix:
Company stock 8.1%
Other stock 58.9%
Fixed income 1.8%
GICs/BICs 26.3%
Cash equivalents 2.8%
Other 2.1%
STAMFORD, Conn. - As of Sept. 30, IBM Corp.'s total employee benefit assets increased 22% from a year earlier. Defined benefit assets increased 19% during the same period; defined contribution assets increased 33%.
Employer contributions to the defined benefit plan remained at zero; benefits paid decreased 2%.
The master trustee/custodian and master custodian is Chase Manhattan Bank.
Key personnel overseeing the investment management of the defined benefit fund are Thomas Cadigan, assistant treasurer and managing director; Robert Vivian, director, global funds management; and Charles Maxfield, director, internal portfolio management. Overseeing the defined contribution plan are Mr. Cadigan; James Rich, senior investment strategist, asset allocation; and R. Daniel Libby, investment manager.
Public Employee Retirement
System of Idaho
($ millions)
Total assets* 4,749
Defined benefit 4,749
Employer DB contributions 194
Benefit payments 188
*as of June 30
The fund uses:
Stock options
Bond options
Stock index futures
Fixed-income futures
Defined benefit asset mix:
Stocks 68.6%
Fixed income 24.6%
Cash equivalents ...0.1%
Real estate equity 3.0%
Mortgages 3.7%
BOISE, Idaho - As of June 30, the Public Employee Retirement System of Idaho's total employee benefit assets -all defined benefit - increased 19% from Sept. 30, 1996. Employer contributions to the defined benefit plan increased 8%; benefits paid increased 9%.
Defined benefit managers:
Domestic equities: Mellon; Columbus Circle; MFS; Mountain Pacific; Tukman Capital; Saugatuck Capital; Ida-West; Galen III.
International/global equities: Baring American; Brandes; Scudder; Zesiger; Rowe Price-Fleming; Schroder; TCW; Mellon; Genesis.
Hedging: Pareto Partners.
Domestic fixed-income: State Street Global.
Global fixed-income: Baring; BEA.
Mortgages: D.B. Fitzpatrick.
Real estate: Bank One; Cabot Partners; LaSalle; J.W. O'Connor; Prentiss Properties, Prudential.
The master trustee/custodian and global custodian is Mellon Bank.
The key person overseeing the investment management of the fund is Robert Maynard, chief investment officer.
Illinois Municipal
Retirement Fund
($ millions)
Total assets 11,721
Defined benefit 11,721
Employer DB contributions 328
Benefit payments 369
Internally managed assets 206
The fund uses:
Fixed-income futures
Defined benefit asset mix:
Stocks 62.2%
Fixed income 29.1%
Cash equivalents 1.8%
Real estate equity 5.1%
Other 1.8%
OAK BROOK, Ill. - As of Sept. 30, The Illinois Municipal Retirement Fund's total employee benefit assets - all defined benefit - increased 23% from a year earlier.
Employer contributions to the defined benefit plan increased 4%; benefits paid increased 11%.
Defined benefit managers:
Domestic equities: ANB; Boston Partners; Campbell, Cowperthwait; Dalton, Greiner; Dimensional Fund; Fidelity Management Trust; Frontier; Harris; Holland; Lincoln; Loomis Sayles; Provident; Wall Street Associates.
International equities: Bank of Ireland; Brandes; Capital Guardian; Fidelity; Pyrford; Schroder.
Domestic fixed-income: Abacus; ANB; Fidelity; J.P. Morgan; Nicholas-Applegate; Payden & Rygel.
International fixed-income: Julius Baer.
Real estate: AMB; CRA; ERE Yarmouth; LaSalle; Prudential; RREEF; Security; Sentinel; SSR; Westmark.
Other: Abbott; Brinson; Cozad/Westchester; Forest; Larlmer & Co.; Oxford; Schroder.
The master trustee and global custodian is Northern Trust.
Key personnel overseeing the investment management of the fund are Robert L. Cusma, executive director; Walter J. Koziol, director-investments; and Edward N. Sambol, investment manager.
Illinois State Board
of Investment
($ millions)
Total assets 6,712
Defined benefit 6,712
Employer DB contributions 158
Benefit payments 369
Internally managed assets 2,021
Defined benefit asset mix:
Stocks 59%
Fixed income 32%
Private equity 5%
Real estate equity 4%
CHICAGO - As of Sept. 30, the Illinois State Board of Investment's total employee benefit assets increased 21% from a year earlier. All assets are defined benefit.
Defined benefit managers:
Domestic equities: Ariel; Disciplined Investment Advisors; Fidelity; Lincoln Capital; Nicholas-Applegate; Seligman; Sloate Weisman Murray; Southeastern Asset; Marshall Plan; Northern Trust; TCW.
Global/international equities: Brinson; Cursitor Eaton; Delaware International; Templeton; Schroder; Walter Scott.
Domestic fixed-income: Fidelity.
Real estate: Aeltus; AMLI; Cozad/Westchester; Heitman; Westmark; Zell/Merrill Lynch.
Alternative investments: BCI Growth; Cornerstone Equity; Corporate Advisors; Frontenac; Golder Thoma Cressey; Hancock Venture; Inroads Capital; InterWest; KKR; Madison Dearborn; Menlo Ventures; Mesirow Capital; Penman; Summit Partners; Warburg Pincus; Weiss Peck & Greer.
The master trustee/custodian and global custodian is Northern Trust.
Key personnel overseeing the investment management of the fund are Jane Patterson, executive director; Larry Darlington, senior fixed-income portfolio manager; and Scott Richards, portfolio manager-external investing.
Teachers' Retirement
System of the State
of Illinois
($ millions)
Total assets 18,030
Defined benefit 18,030
Employer DB contributions 476
Benefit payments 1,105
The fund uses:
Bond options
Stock index futures
Fixed-income futures
Short selling
Defined benefit asset mix:
Stocks 56.1%
Fixed income 26.6%
Cash equivalents 2.1%
Private equity 2.0%
Real estate equity 11.5%
Mortgages 1.7%
SPRINGFIELD, Ill. - As of Sept. 30, Teachers' Retirement System of the State of Illinois' total employee benefit assets, all defined benefit, increased 17% from June 30, 1996.
Employer contributions to the plan increased 44%; benefits paid decreased 1%.
Defined benefit managers:
Domestic equities: Ark Asset; Bank of America; Brinson; First of America; Fiduciary Management; Hotchkis & Wiley; Lazard Freres; First Analysis; Wayne Hummer; Mentor Investment; Insight Capital; Lincoln Capital; Munder Capital; Oppenheimer Capital; PIMCO; Paradigm Asset; Sturdivant & Co.; Valenzuela Capital.
International equities: Blairlogie; Brandywine; Brinson; Clay Finlay; Delaware International; Hotchkis & Wiley; Pyrford International; RCM Capital; Scudder, Stevens & Clark.
Domestic fixed-income: BlackRock; Chicago Title & Trust; PIMCO; Payden & Rygel; W.R. Huff; Weiss, Peck & Greer; Western Asset Management.
International fixed-income: Bear Stearns; Brinson; Delaware International; Julius Baer; PIMCO; Schroders Capital; Societe Generale.
Real estate: Bear Stearns; Capital Associates; Commonwealth Realty; Cozad/Westchester; DLJ
Fixed income 5% Real Estate; Heitman; K/B Realty; LaSalle Advisors; LPC Realty; RREEF; Stone-Levy; Westmark Realty.
Alternative investments: Angelo Gordon; Apex Investment; Daystar Partners; DLJ Merchant Banking; Frontenac Co.; KKR; Mesirow Private Equity; Penman Asset Management; Periscope I Fund; Managers; Sandler Capital; SCP Private Equity Partners; TCW/Latin American Partners; Appian Group; Trivest; Veronis Suhler; Walnut Growth Partners; Weiss, Peck & Greer; William Blair Mezzanine Capital.
Tactical asset allocation: Brinson; Pyrford International.
Cash management: Hotchkis & Wiley; Atlantic Asset.
The master trustee/custodian and global custodian is Northern Trust.
Key personnel overseeing the investment management of the fund are Don Nesbitt, director of investments; Matthew Evans, director of real estate and alternative investments; John Day, interim executive director.
State Universities
Retirement System of Illinois
($ millions)
Total assets 8,849
Defined benefit 8,849
Employer DB contributions 211
Benefit payments 466
The fund uses:
Stock options
Bond options
Stock index futures
Fixed-income futures
Defined benefit asset mix:
Stocks 69%
Fixed income 28%
Private equity 1%
Real estate equity 2%
CHAMPAIGN, Ill. - As of Sept. 30, State Universities Retirement System of Illinois's total employee pension assets, which consists solely of a defined benefit fund, increased 24% from a year earlier.
Employer contributions to the defined benefit plan increased 43%; benefits paid increased 23%.
Defined benefit managers:
Domestic equities: Fayez Sarofim; Smith Barney; PIMCO; BGI; Progress Investment; Northern Trust.
International equities: Brinson Partners; American Express; Martin Currie; BGI.
Domestic fixed-income: PIMCO; Standish Ayer & Wood; Chicago Trust; BlackRock; Zurich; BGI.
Real estate: ERE Yarmouth; RREEF.
The master trustee/custodian and global custodian is Northern Trust.
Key personnel overseeing the investment management of the fund are Kenneth E. Codlin, chief investment officer; and John R. Krimmel, associate investment officer.
Indiana Public Employees'
Retirement Fund
($ millions)
Total assets 8,160
Defined benefit 8,153
Total defined contribution 7
Employer DB contributions 360
Benefit payments 310
The fund uses:
Stock index futures
Defined benefit asset mix:
Stocks 10%
Fixed income 90%
Defined contribution asset mix:
Fixed income 100%
INDIANAPOLIS, Ind. - As of Sept. 30, the Indiana Public Employees' Retirement Fund's total employee benefit assets increased 13% from a year earlier. Defined benefit assets increased 13% during the same period. The defined contribution program was started in 1996.
Employer contributions to the defined benefit plan increased 46%, benefits paid increased 48%.
Defined benefit managers:
Domestic equities: ANB.
Domestic fixed-income: Bank One; Danson & Neuhar; Holland; NCM; Pacific Income; Taplin Canida; Conseco; First Chicago NBD; Harris; HM Capital; J.P. Morgan; Prime Capital; Reams.
Defined contribution manager: Prime Capital.
The master trustee/custodian is National City.
Key personnel overseeing the investment management of the funds are H. Garth Dickey, director; and David Yeater, controller.
Indiana State Teachers'
Retirement Fund
($ millions)
Total assets 3,855
Defined benefit 3,855
Employer DB contributions 538
Benefit payments 405
Defined benefit asset mix:
Fixed income 100%
INDIANAPOLIS - As of Sept. 30, total employee defined benefit assets increased 12% from a year earlier.
Employer contributions to the defined benefit plan were $538 million; benefits paid increased 9%.
Defined benefit managers:
Domestic fixed-income: Alliance; Bank One; Baxter; National City; NBD; Reams; Seix; Taplin Canida Habacht; Bank of New York; Todd.
The master trustee/custodian is National City Bank.
The key person overseeing the investment management of the fund is Robert D. Newland, investment officer.
International Paper
($ millions)
Total assets 6,093
Defined benefit 3,894
401(k)/457 2,199
Employer DB contributions 0
Benefit payments 147
Total DC contributions 126
Defined benefit asset mix:
Stocks 54%
Fixed income 35%
Cash equivalents 4%
Real estate equity 2%
Alternative 5%
PURCHASE, N.Y. - As of Sept. 30, International Paper's total employee benefit assets increased 29% from a year earlier. Defined benefit assets increased 28% during the same period; defined contribution assets increased 32%.
Benefits paid by the defined benefit plan increased 6%.
The master trustee/custodian and global custodian is State Street Bank.
Key personnel overseeing the investment management of the defined contribution plan are Robert M. Hunkeler, vice president, investments; and Connie R. Caperella, director, trust investments. Overseeing the defined contribution plan are Mr. Hunkeler and Patricia Advaney, manager-trust operations.
Fixed income 2%
GICs/BICs 28%
Cash equivalents 1%
NEW BRUNSWICK, N.J. - As of Sept. 30, Johnson & Johnson's total employee benefit assets increased 25% from a year earlier. Defined benefit assets increased 25% during the same period; defined contribution assets also increased 25%
The master trustee/custodian and global custodian is Bankers Trust.
Key personnel overseeing the investment management of both the defined benefit and defined contribution plans are William Rauh, director-pension funds; and Lori Blutfield, manager-pension funds.
Johnson & Johnson
($ millions)
Total assets 4,750
Defined benefit 2,500
401(k)/457 2,250
Internally managed assets:
Defined contribution 1,550
Defined benefit asset mix:
Stocks 74.4%
Fixed income 22.1%
Cash equivalents 0.5%
Private equity 0.7%
Real estate equity 0.8%
Other 1.5%
Defined contribution asset mix:
Company stock 42%
Other stock 27%
Fixed income 2%
GICs/BICs 28%
Cash equivalents 1%
NEW BRUNSWICK, N.J. - As of Sept. 30, Johnson & Johnson's total employee benefit assets increased 25% from a year earlier. Defined benefit assets increased 25% during the same period; defined contribution assets also increased 25%
The master trustee/custodian and global custodian is Bankers Trust.
Key personnel overseeing the investment management of both the defined benefit and defined contribution plans are William Rauh, director-pension funds; and Lori Blutfield, manager-pension funds.
