Gold soars to $835 an ounce.
Chrysler Corp., in financial difficulty, unsuccessfully seeks loans from the Michigan and Missouri state pension funds.
Frank Minard, one of the architects of combining the AT&T units' many pension funds into a group pension trust, joins Bankers Trust as vice president in the new area of investment technology services.
The U.S. Olympic committee votes to support the boycott of the Summer Olympics in Moscow because of the Soviet invasion of Afghanistan.
After 123 years of silence, Mount St. Helens erupts in Washington state.
The DOL predicts $2.9 trillion in pension assets by 1995; according to the Flow of Funds data, pension funds actually reached $5.44 trillion in '95.
Pension funds that blacklist a class of investments for social purposes might be in violation of ERISA, says Ian Lanoff, pension administrator for the DOL.
UCLA Professor Richard Roll attacks the capital asset pricing model.
The Bell System merges 33 pension plans into two -- one salaried and one union -- totaling $28 billion.
The Alaska Public Employees' Retirement Fund invests $21 million in a ton of gold bullion at $651 per ounce.
Texas Instruments unveils a new calculator, The Investment Analyst, to solve virtually any investment problem.
Connecticut Retirement Funds divests stocks of companies that don't endorse the Sullivan Principles on South Africa.
Ronald Reagan is elected president. A P&I post-election survey finds 80% of money managers and pension executives are optimistic about the economy.
"Dallas" tops ratings with the episode that answers the question, "Who shot J.R.?" The answer: Kristin Shepard, J.R.'s lover.
Richard Ennis, James Knupp and Ron Gold leave A.G. Becker to form their own consulting firm.
Putnam CEO Norton H. Reamer leaves to start United Asset Management, which will operate as a holding company for independent investment management firms it plans to acquire.
John Lennon is killed in front of The Dakota condominiums, where he lives in New York City.
The government drops its antitrust suit against AT&T after the company agrees to break up into regional telephone companies.
American hostages in Iran are released on President Reagan's inauguration day.
The Labor Department permits ERISA funds to engage in securities lending.
Leland O'Brien Rubinstein Associates forms, offering what later becomes known as portfolio insurance.
Chrysler Corp. creates a $150 million dedicated bond portfolio for its $500 million pension fund.
David Booth, Lawrence Speith and Chris Frankenhoff leave A.G. Becker to start their own firm, which will become Dimensional Fund Advisors. A month later, Rex Sinquefield leaves American National Bank to join them.
The Centers for Disease Control issues a short report on what it calls an "unusual occurrence in five homosexual men in Los Angeles of a deadly form of pneumonia." This is later recognized as the first official notice of AIDS.
Most large corporations oppose including pension assets and liabilities on corporate balance sheets, officials testify at a Financial Accounting Standards Board hearing. Their battle is unsucessful, and FAS 87 becomes effective Dec. 15, 1986.
Lady Diana Spencer marries Prince Charles, heir to the British throne, at St. Paul's Cathedral.
Internet developed: BITNET, the Because Its Time Network, and CSNET, the Computer Science Network, are offered to universities; CSNET is connected to ARPANET, the Advanced Research Projects Agency Network, designed for military research.
Robert Kirby, chairman of Capital Guardian Trust, calls modern portfolio theory "gimmickery" and "witchcraft."
IBM introduces the personal computer for use in home, offices and schools. P&I gets a computer system in some of its offices.
Batterymarch drops index funds.
The federal government dismisses the 12,000 members of the Professional Air Traffic Controllers Organization four days into a strike.
MTV goes on the air.
Connecticut Gov. William O'Neill vetoes a bill prohibiting state pension fund investments in companies with business in South Africa.
Sandra Day O'Connor becomes the first female justice of the U.S. Supreme Court.
A&P plans to terminate its $550 million pension fund and replace it with a defined contribution plan. A month later, A&P plan participants sue over the company's plans to take the pension fund's $200 million surplus. In a February 1983 court settlement, the company is awarded $200 million in surplus assets, while $50 million is given to boost participant benefits.
Two-thirds of General Motors' corporate profit of $333 million for the year comes from a change in actuarial assumptions to its pension plan.