Pennsylvania Public School Employees' Retirement System
($ millions)
Total assets* 45,281
Defined benefit 45,281
Employer DB contributions 756
Benefit payments 1,653
* as of June 30, 1998
Internally managed assets 18,500
Defined benefit asset mix:
Domestic stocks 45.0%
International stocks 15.0%
Domestic fixed income 14.6%
International fixed income 5.2%
Cash equivalents 2.0%
Venture capital/private placements 1.5%
Real estate equity 6.2%
Global asset allocation 10.5%
HARRISBURG, PA. -- As of June 30, the Pennsylvania Public School Employees' Retirement System's total employee benefit assets, all defined benefit, increased 15.7% from a year earlier.
During the year, Dale Everhart was chosen to replace Jim Perry as executive director. Mr. Everhart, an assistant executive director at the Commonwealth of Pennsylvania State Employes' Retirement System, was scheduled to take over in January.
Steven Russell left to join Emerald Advisers as vice president and portfolio manager. He had been the senior private equity analyst at the fund.
Defined benefit managers:
Domestic equity: Delta; Institutional Capital; MacKay-Shields; Mellon Equity; Oppenheimer; Duncan-Hurst; First Pacific; Liberty; Pilgrim Baxter; Morgan Stanley.
Global/international equity: American Express; Investment Advisers; Marathon; Martin Currie; Putnam; Rowe Price-Fleming; Scudder Kemper; Capital Guardian Trust; Seligman Henderson; Genesis; Schroder.
Domestic fixed income: Alliance; Miller, Anderson & Sherrerd; Morgan Grenfell; PIMCO.
Global fixed income: Fiduciary Trust; Morgan Grenfell; Rogge Global.
Global asset allocation: Capital Guardian; Goldman Sachs; J.P. Morgan; Morgan Grenfell; Morgan Stanley.
Real estate: Allegis; Lend Lease; L&B; LaSalle Advisors; Legg Mason; RREEF; SSR Realty; Berwind Property Group; Lazard Freres; Morgan Stanley; Westbrook Partners; Whitehall Street.
Farmland adviser: Prudential.
Venture capital/private equity: ABS; Adams; APA/Fostin; Bastion; BG Media; Bruckmann, Rosser, Sherrill; CEO Venture Fund; CIGNA Investments; Commonwealth Venture Partners; Credit Suisse First Boston; Edison Venture; Franklin Capital; Furman Selz Investors II; Green Equity Investors II; Grotech Partners IV; GS Mezzanine Partners; Heritage Fund; Keystone Venture; Landmark; Lehman Brothers Merchant Banking Partners; Lexington; NEPA Venture; Pennsylvania Early Stage; SCP Private Equity Partners; Spectrum Equity Investors; TDH; Technology Leaders; TL Venture; TPG; US Equity Partners; Willis Stein & Partner.
Developmental fund managers: Aberdeen America; Daruma Asset Management; Emerald Advisers; John Hsu Capital Group; Kenwood Group; Muhlenkamp; Roll & Ross Asset Management; WestChester.
The defined benefit master trustee/custodian and global custodian is Mellon Trust.
The key person overseeing the investment management of the fund is John Lane, chief investment officer.
Commonwealth of Pennsylvania, State Employes' Retirement System
($ millions)
Total assets 22,213
Defined benefit 21,593
457 620
Employer DB contributions 267
Benefit payments 800
Total DC contributions 75
The fund uses:
Fixed-income futures
Swaps
Defined benefit asset mix:
Domestic stocks 39.7%
Foreign stocks 16.9%
Domestic fixed income 17.9%
Foreign fixed income 4.8%
Cash equivalents ..0.4%
Private equity 5.1%
Real estate equity 8.8%
Mortgages 1.1%
Other 5.3%
Defined contribution asset mix:
Stock 67%
Fixed income 5%
Stable value 26%
Cash equivalents 2%
HARRISBURG, PA. -- As of Sept. 30, the Commonwealth of Pennsylvania, State Employes' Retirement System's total employee benefit assets increased 2% from a year earlier. Defined benefit assets increased 1.6% during the same period; defined contribution assets increased 21%.
Employer contributions to the defined benefit plan decreased 17%; benefits paid decreased 23%.
During the past year, the State Treasurer Barbara Hafer invalidated State Street's custodial contract, which had been signed by her predecessor before leaving office. The contract had bound the fund to State Street for six years. State Street unsuccessfully sued to restore the contract. Mellon Bank was chosen as custodian for the fund, in place of State Street.
Dale H. Everhart, who was the assistant executive director of the fund, left to become executive director of the Pennsylvania Public School Employees Retirement System.
The system also was involved in the fight to get money from Swiss banks for Holocaust survivors.
And, Stewart A. Dier was named director of fixed-income.
Defined benefit managers:
Domestic equities: BGI; Alliance Capital; Dietche & Field; Emerald Advisers; Fidelity; Iridian Asset Management; J.P. Morgan; Loomis, Sayles; MacKay-Shields; Mellon Equity; Montag & Caldwell; Provident Investment Counsel; Rosenberg; Trinity; Zevenbergen Capital.
International equities: BGI; BEA; GAM; J.P. Morgan; Marathon; Mercury; Miller Anderson & Sherrerd; Morgan Stanley; Pictet International; Scottish Widows; Seligman Henderson; Templeton.
Domestic fixed-income: Mellon Bond; Fischer, Francis, Trees & Watts; J.P. Morgan; Miller, Anderson & Sherrerd; Smith Graham; Fidelity; John Hancock; Legg Mason; TCW; W.R. Huff.
International fixed-income: Fischer, Francis, Trees & Watts; Miller, Anderson & Sherrerd.
Real estate: CRA; Forest Investment; Heitman/JMB; LaSalle Partners; Lowe Enterprises; Legg Mason/RAI; Allegis; Apollo; Alex. Brown/LaSalle; Blackstone; Berwind Property; AEW; Goldman Sachs-Whitehall; John Hancock; Lubert Adler; SSR Realty; Oxford Real Estate; Sentinel; Starwood Capital; Westbrook; TCW.
Venture capital: Advent; APA Fostin; Bachow; CEO Venture; Edison; Fairview Capital; Fostin Capital; Grotech Partners; Halpern & Denny; Healthcare Ventures; Keystone; NEA; NEPA; PA Fund; Point Venture Partners: Polaris Venture Capital; PNC Venture; Sprout; Sumit Venture; Technology Leaders; Thomas Lee Equity; Weston Presidio; Whitney Equity Partners; Zero Stage Capital.
Alternative investments: ABRY Broadcast Partners; APAX; Apollo; B III Capital Partners; Blackstone; Brentwood Associates; Charterhouse; Clayton Dubilier; Code Hennesy; DLJ Merchant Banking; Frontenac; Golder, Thoma, Cressey & Rauner; Hancock IPEP; HarbourVest International; Hellman & Friedman; Kelso; Landmark; Lexington; Madison Dearborn; Media Communications Partners; Murphy & Fauver; Oaktree Opportunities; RRZ; Schroder Ventures; Schroder European; TCW; TPG Partners; Vestar Capital.
Currency overlay: Pareto; Record Treasury.
Tactictal asset allocation: BGI.
Defined contribution managers:
Domestic equities: BGI.
International equities: BGI.
Domestic fixed-income: Mellon Bond.
Stable value: Miller, Anderson & Sherrerd.
The master trustee/custodian and global custodian for both plans is Mellon Trust.
Key personnel overseeing the investment management of the fund are Peter Gilbert, chief investment officer, and John Winchester, director of public markets. Overseeing the defined contribution plan are Anthony Hines, administrator, and Frances Donlevy, director-office of financial management.
Pfizer Inc.
($ millions)
Total assets 6,268
Defined benefit 1,892
401(k)/457 4,376
Employer DB contributions 0
Benefit payments 77
Total DC contributions 136
Defined benefit asset mix:
Domestic stocks 54.5%
Foreign stocks 9.1%
Domestic fixed income 22.6%
Cash equivalents 5.3%
Private equity 7.2%
Real estate equity 1.3%
Defined contribution asset mix:
Company stock 89%
Other stock 5%
Fixed income 5%
Cash equivalents 1%
NEW YORK -- As of Sept. 30, Pfizer Inc.'s total employee benefit assets increased 40% from a year earlier. Defined benefit assets increased 8% during the same period; defined contribution assets increased 61%.
Employer contributions to the defined benefit plan remained at zero; benefits paid decreased 27%.
Defined benefit managers:
Domestic equities: Alliance; Iridian; Forstmann-Leff; Hotchkis & Wiley; TCW; Columbus Circle.
International equities: Jennison; Bee; Hotchkis & Wiley; Sit/Kim; Bank of Ireland.
Domestic fixed-income: PIMCO; Northern Trust; Utendahl.
Real estate: Corporate Property Investors; John Hancock; Heitman/JMB; AEW.
Other: Mezzanine Lending; Corporate Partners; TA Associates; Kelso; Ampersand; Centre Capital; Hicks, Muse; Oak; Behrman; Brentwood; Charterhouse; Technology Partners; OH Whitney; Olympus; Green Equity.
Defined contribution manager: Northern Trust.
The master trustee/custodian and global custodian for both funds is Northern Trust.
Key personnel overseeing the investment management of the defined benefit fund are Daniel d'Orchimont, director-benefit financing; Angelique Hunt, manager-benefit financing; and David Webber, manager-benefit financing. Overseeing the defined contribution plan are Joan Hunt, assistant manager-benefit administration, and Michael Bummold, manager-benefit administration.
