Maryland state employees participating in the $1 billion-plus Maryland Teachers & State Employee Supplemental Retirement Plan, Baltimore, will be eligible to receive up to $600 a year in matching contributions starting next year. The match will kick in July 1, 1999, for about 50,000 employees. State employees participating in other retirement programs are not eligible. The match was made possible by a recently passed state law.
University of Sherbrooke's pension fund hired Lotsoff Capital to manage a fixed-income overlay of C$83 million (US$57 million) in U.S. equity futures positions, said Jean-Pierre Garant, president of the investment committee for the C$400 million (US$275 million) fund.
Beginning July 1, Lotsoff will seek to add 200 basis points of value through long and short fixed-income options positions, Mr. Garant said.
The Lotsoff strategy will overlay futures positions in the S&P 500 and S&P 400 indexes. Watson Wyatt assisted.