Central Pension Fund of the International Union of Operating Engineers and Participating Employers
($ millions)
Total assets 5,461
Defined benefit 5,461
Employer contributions 211
Benefit payments 244
The fund uses:
Stock options
Bond options
Stock index futures
Fixed-income futures
Asset mix:
Stocks 47.8%
Fixed income 52.0%
Real estate equity 0.2%
WASHINGTON -- As of Sept. 30, the Central Pension Fund of the International Union of Operating Engineers and Participating Employers' total employee benefit assets, all defined benefit, increased 4.8% from a year earlier.
Employer contributions to the plan increased 9%; benefits paid increased 26%.
Defined benefit managers:
Domestic equities: Amalgamated; BGI; Boston Partners; Institutional Capital; J.P. Morgan; Mellon Capital; Southeastern; State Street Global; Strong; Wellington.
Domestic fixed-income: AFL-CIO; BGI; J.P. Morgan; Loomis, Sayles; Lotsoff; Merganser; PIMCO; TCW; ULLICO.
Real estate: AEW.
The master trustee/custodian is State Street Bank.
Key personnel overseeing the investment management of the fund are Michael R. Fanning, chief executive officer, and John J. Szczur, director of investments.
Oregon Public Employes Retirement Fund
($ millions)
Total assets 29,813
Defined benefit 29,374
457 439
Employer DB contributions 492
Benefit payments 1,546
Total DC contributions 36
Internally managed assets:
Defined benefit 5,686
The fund uses:
Stock options
Bond options
Stock index futures
Fixed-income futures
Short selling
Managed futures
Swaps
Defined benefit asset mix:
Domestic stocks 39.4%
Foreign stocks 17.3%
Domestic fixed income 21.8%
Foreign fixed income 3.7%
Cash equivalents 0.2%
Private equity 11.3%
Real estate equity 6.3%
Defined contribution asset mix:
Stock 61%
Fixed income 9%
Stable value 21%
Cash equivalents 9%
SALEM, Ore. -- As of Sept. 30, the Oregon Public Employes Retirement Fund's total employee benefit assets increased 6% from a year earlier. Defined benefit assets increased 6% during the same period; defined contribution assets increased 23%.
Employer contributions to the defined benefit plan increased 5%; benefits paid increased 81%.
During the past year, Steven Gruber was named senior real estate investment officer. Mr. Gruber had been an executive vice president with Liquidity Financial Advisors. The fund also committed $75 million to a fund that will seek to acquire controlling or leading equity interests in established companies that have strong market positions. Oregon also committed $150 million to a buyout fund focused on the European market.
In addition, the fund placed $100 million with an international alternative equity fund of funds.
Defined benefit managers:
Domestic equities: ABKB LaSalle; Alliance; BGI; Becker; Brown; Equinox; Fiduciary Trust; Froley Revy; Nicholas-Applegate; Oak; Palisade; Northern Trust; Sanford C. Bernstein; Thompson/Rubinstein; Wanger; Wellington Management; Zesiger.
International equities: Acadian; Brandes; Clay-Finlay; Driehaus; Genesis; Marvin & Palmer; Montgomery; Nomura; Rowe Price-Fleming; Sanford C. Bernstein; Schroder; TT International.
International fixed-income: Mercury; Rogge.
Real estate: Allegis; AMRESCO; Brazos; Cadillac Fairview; Clarion; AEW; Hampstead; Hancock Timber; J.E. Robert; Heitman; J.P. Morgan; LaSalle; Lone Star; MetLife; National Mortgage; OCP LaSalle; Oaktree; PacTrust; Prudential Timber; Security Capital; TransEuropean; Westbrook.
Alternative equities: Asia Pacific; BCI Advisors; Canterbury Mezzanine; Castle Harlan; CVC Capital; Doughty Hanson; Exxel Capital; Leonard Green; HarbourVest; Hicks Muse; HSBC; Joseph Littlejohn; KKR; Oak Tree; Olympic; Parthenon; Penman Asset; Providence Ventures; Stonington Partners; TCW; Texas Pacific; TSG Ventures; Vestar Capital; Wellspring Capital; Zell Chilmark.
Venture capital: Cable & Howse; Crossroads; Interven Partners; MBW; Menlo; Morgenthaler; New Enterprise; Norwest; Olympic; Oppenheimer Palmieri; Summit Ventures; Weiss, Peck & Greer.
Defined contribution managers:
Domestic equities: Davis; Aetna; Vanguard; Columbia Growth; Harbor Capital; SEI; T. Rowe Price; Putnam; INVESCO.
International equities: T. Rowe Price; Scudder; Templeton; Janus.
Domestic fixed-income: Aetna; Harbor; MAS.
Other: T. Rowe Price; Standard Insurance; Nationwide; Aetna; State Street.
The master trustee/custodian and global custodian for both plans is State Street.
The key person overseeing the investment management of the defined benefit fund is W. Dan Smith, director-investments. Overseeing the defined contribution plan is Linda M. Haglund, equities investment officer.
Pacific Gas and Electric Co.
($ millions)
Total assets* 9,207
Defined benefit 6,329
401(k)/457 2,878
Employer DB contributions 24
Benefit payments 250
Total DC contributions 22
*as of Aug. 31
The fund uses:
Stock options
Bond options
Stock index futures
Fixed-income futures
Short selling
Managed futures
Swaps
Defined benefit asset mix:
Domestic stocks 44%
Foreign stocks 19%
Domestic fixed income 35%
Cash equivalents 2%
Defined contribution asset mix:
Company stock 36%
Other stock 38%
Fixed income 4%
Stable value 14%
Other 8%
SAN FRANCISCO -- As of Aug. 31, Pacific Gas and Electric Co.'s total employee benefit assets increased 7% from June 30, 1997. Defined benefit assets increased 3% during the same period; defined contribution assets increased 16%.
Employer contributions to the defined benefit plan decreased 29%; benefits paid increased 6%.
Defined benefit managers:
Domestic equities: Bankers Trust; BGI; Duncan-Hurst Capital; Fiduciary; Frank Russell; Geewax Terker; GSB Investment; ICM Asset; Jacobs Levy; J.P. Morgan; Valenzuela Capital; State Street Global.
International equities: Bankers Trust; BGI; Capital Guardian; Jennison; J.P. Morgan; Montgomery Asset; Oechsle; State Street Global.
Domestic fixed-income: MetLife; Miller, Anderson & Sherrerd; Oaktree; PIMCO; Prudential Private Placement Investors; Seix Investment; Standish, Ayer & Wood.
Real estate: ABKB/LaSalle Securities; EII Realty Securities; Heitman; LaSalle Advisors; RREEF; TCW Realty.
TAA: BGI; PanAgora.
Cash: Fischer, Francis, Trees & Watts.
Defined contribution managers: State Street; Global; and PRIMCO Capital.
The master trustee/custodian and global custodian for both plans is State Street Bank.
Key personnel overseeing the investment management of both funds are Peter K. Corippo, manager, investments and benefit finance; Patricia W. Thompson, senior analyst, investments and benefits finance; and Carolyn Margiotti, financial analyst, investments and benefits finance.
J.C. Penney Co. Inc.
($ millions)
Total assets 6,835
Defined benefit 2,954
401(k)/457 3,881
Employer DB contributions 0
Benefit payments 132
Total DC contributions 266
The fund uses:
Stock index futures
Fixed-income futures
Defined benefit asset mix:
Domestic stocks 49.0%
Foreign stocks 19.7%
Domestic fixed income 24.6%
Private equity 1.3%
Real estate equity 5.4%
Defined contribution asset mix:
Company stock 39.2%
Other stock 19.5%
Fixed income 3.1%
Stable value 38.2%
PLANO, Texas -- As of Sept. 30, J.C. Penney Co. Inc.'s total employee benefit assets decreased 11.6% from a year earlier. Defined benefit assets decreased 2.2% during the same period; defined contribution assets decreased 17.7%.
Employer contributions to the defined benefit plan remained at zero; benefits paid decreased 30.5%.
Defined benefit managers:
Domestic equities: Alliance; Artisan; Gardner Lewis; GeoCapital; Jacobs Levy; Lincoln Capital; State Street Global; J.P. Morgan; Pacific Financial.
International equities: Baillie Gifford; Grantham Mayo; Rowe Price-Fleming; Schroders; State Street Global.
Domestic fixed-income: J.P. Morgan; W.R. Huff.
International fixed-income: J.P. Morgan.
Real estate: RREEF.
Other managers: Pathway; BGI.
Defined contribution manager: State Street Global.
State Street Bank is the master trustee/custodian and global custodian for both the defined benefit and defined contribution plans.
Key personnel overseeing both plans are Joe Wright, manager of benefit plans investments; and Blake Latson, senior financial analyst.
