Knoxville (Tenn.) Employees Pension Plan will select managers for three new asset classes - domestic large-cap value equities, publicly traded REITs and convertible securities - at board meetings June 1 and 2, said Mike Cherry, executive director.
The system has selected finalists, but Mr. Cherry declined to name them. The system plans to give $100 million to the equities manager and $35 million apiece to the REIT and convertibles managers. Funding will come from paring allocations to existing U.S. equity managers and $90 million parked in an index fund with Barclays Global after the termination of Chancellor LGT. Mercer is assisting.
Seventy-five percent of American women 65 and older do not receive pensions, despite their increasing presence in the work force, a report released by the Older Women's League today said. Those who do receive pensions typically get $4,200 a year, compared with $7,800 for men, according to the group, which represents middle-aged and older women. The report shows 52% of working women are not covered by employer-sponsored pension plans. But the gap in coverage between women and men is shrinking, in part because coverage for working men has fallen.
That data was for 1994, the latest available.