The IRS clears the way for pension funds and other tax-favored institutions to use investment strategies involving short sales without fear of taxation.
Chrysler makes a $600 million contribution to fully fund its $11 billion pension plan for the first time since 1957.
An earthquake devastates Kobe, Japan.
A P&I reader poll names Bob Dole as the top GOP contender for the 1996 presidential race.
The Orange County (Calif.) Employees' Retirement System sues the county to collect its $10.4 million loss in the derivatives fiasco.
Christopher Burnham, elected in November 1994 as Connecticut state treasurer and sole trustee of the Connecticut Trust Funds, shakes up the pension fund, eliminating 15 staff positions. Six months later, he terminates 10 money managers, moving $1.2 billion to passive management. In January 1996, he cuts 26 more managers.
Pension executives tighten controls and monitoring of derivatives following Baring PLC's collapse because of Nick Leeson's rogue trading in derivatives.
Kirk Kerkorian bids for Chrysler Corp., while institutional investors await higher offers.
A bomb explodes outside a federal office building in Oklahoma City, killing 169 people. Timothy McVeigh and Terry Nichols are charged.
Some Wisconsin local governments pull more than $600 million from the Wisconsin Investment Board's short-term fund following foreign interest rate swap losses of $95 million.
The House GOP seeks to ban private pension funds from economically targeted investments and gut the Labor Department's ETI clearinghouse.
SEI to quit pension fund consulting, ending an era that goes back to A.G. Becker, as it puts its Capital Resources consulting unit up for sale.
Barclays buys Wells Fargo Nikko Investment Advisors, the largest manager of index funds. The firm eventually is renamed Barclays Global Investors.
The space shuttle Atlantis docks with the Russian space station Mir.
Disney announces its purchase of Capital Cities/ABC.
GM cuts the pension underfunding for its hourly plan to less than $5 billion, a stunning turnaround from its $22.3 billion shortfall only 18 months earlier.
Fischer Black, a pioneering academic in investment theory and application and co-creator of the Black-Scholes options pricing model, dies.
Chemical Bank and Chase Manhattan merge. The combination is expected to intensify competition among top-tier custodial banks.
Publisher Steve Forbes announces candidacy for the GOP presidential nomination.
Bankers Trust fights Procter & Gamble over derivatives losses.
Robert E. Lucas Jr. wins the Nobel prize in economics for rational expectations theory.
The NYSE's trading volume drops precipitously between 1 and 1: 30 p.m. EST as the verdict in O.J. Simpson's trial is read on television. He is found not guilty.
Enforcement cases and inquiries go unanswered at the Pension and Welfare Benefits Administration during a six-day federal government shutdown.
The federal 55 mph speed limit law is repealed.
Israeli Prime Minster Yitzak Rabin is assassinated at a peace rally.
Yasir Arafat is elected president of the Palestinian National Authority.
President Clinton, in his State of the Union address, gives retirement issues prominent mention, including a plan to encourage small businesses to start pension plans.
Britain's Prince Charles and Princess Diana divorce.
Donald G.M. Coxe, chairman and chief strategist of Harris Investment Management, is temporarily detained in London by police for unknowingly passing counterfeit British sterling. He obtained the currency at Harris Bank, his firm's parent company.
The DOL makes a formal statement spelling out the obligations of fiduciaries whose funds invest in derivatives.
West Virginia passes a law allowing state pension funds to invest in equities.
Unabomber Theodore Kaczynski is arrested by federal agents in Montana. He is sentenced to life in prison in early 1998 after pleading guilty to 16 bomb attacks between 1977 and 1995.
Dan Rostenkowski, a former Democratic congressman from Illinois and chairman of the House Ways and Means Committee, pleads guilty to two counts of mail fraud.
BARRA Inc. merges with RogersCasey & Associates.
DuPont plans to create the first private pension fund in China.
Jeffrey Vinik leaves Fidelity Magellan; he is replaced as portfolio manager by Robert Stansky.
Lucent Technologies, being spun off from AT&T, unveils a $29 billion pension fund.
A bill in the California Assembly would allow participants in CalPERS and CalSTRS to move to a defined contribution plan. The bill doesn't pass.
Benjamin Netanyahu, the first prime minister of Israel elected by direct popular vote, wins approval of his new cabinet.
Gertrude Crain, Crain Communications Inc. chairman emeritus, dies. Crain publishes Pensions & Investments.
GTE increases its allocation to its strategic money management partners for a global multiasset management program it launched in 1995.
The first mammal -- Dolly, the sheep -- is successfully cloned in Scotland.
A TWA jetliner bound for Paris explodes not long after taking off from New York.
A bomb explodes in Centennial Olympic Park in Atlanta, killing one and injuring 100 people during the Summer Olympics.
Bob Dole and Jack Kemp win the GOP nomination for president and vice president.
Boris Yeltsin is sworn in as president of Russia, the first to be chosen by democratic election.
President Clinton wins re-election.
South Carolina and Indiana finally are allowed to invest state pension fund assets in equities.
President Clinton names Madeleine Albright as secretary of state. Once confirmed by the Senate, she becomes the highest-ranking woman in the executive branch.