TRW Inc.
($ millions)
Total assets 5,335
Defined benefit 3,059
401(k)/457 2,276
Employer DB contributions 8
Benefit payments 209
Total DC contributions 157
Internally managed assets:
Defined benefit 233
The fund uses:
Stock index futures
Fixed-income futures
Short selling
Defined benefit asset mix:
Domestic stocks 41.8%
Foreign stocks 15.4%
Domestic fixed income 30.4%
Cash equivalents 2.2%
Real estate equity 8.7%
Venture capital 1.5%
Defined contribution asset mix:
Company stock 39.7%
Other stock 37.8%
Fixed income 1.9%
Stable value 20.6%
CLEVELAND -- As of Sept. 30, TRW Inc.'s total employee benefit assets decreased 5% from a year earlier. Defined benefit assets decreased 3% during the same period; defined contribution assets decreased 7%.
Employer contributions to the defined benefit plan decreased 11%; benefits paid increased 26%.
Defined benefit managers:
Domestic equities: Sanford C. Bernstein; Fiduciary Asset; Goldman Sachs; J.P. Morgan; Putnam; WestPeak; Boston Co.; Pilgrim Baxter; Investment Counselors of Maryland.
International equities: AQR; Acadian; Bernstein; Fidelity; Putnam; Santander; State Street.
Domestic fixed-income: Hoisington.
Global fixed-income: Long-Term Capital; J.P. Morgan; Morgan Grenfell; PIMCO.
Real estate: DRA; Hart Advisors; Heitman; RD Properties; Schroder.
Cash: Boston Co.
Defined contribution managers:
Domestic equities: Putnam; Pilgrim Baxter.
International equities: Sanford C. Bernstein.
Domestic fixed-income: Putnam.
The defined benefit master trustee/custodian and global custodian is Boston Safe Deposit. The defined contribution master trustee/custodian is Putnam.
The key personnel overseeing the investment management of the defined benefit are Robert M. Hamje, president and chief investment officer of TRW Investment Management Co., and Bruce L. Dirks, director-investments. Mr. Hamje oversees the defined contribution plan.
Union Carbide Corp.
($ millions)
Total assets 5,483
Defined benefit 3,876
Total defined contribution 1,607
401(k)/457 874
Employer DB contributions 0
Benefit payments 170
Total DC contributions 60
Internally managed assets:
Defined benefit 3,698
Defined benefit asset mix:
Domestic stocks 43.0%
Domestic fixed income 50.6%
Cash equivalents 1.4%
Private equity 3.0%
Real estate equity 1.2%
Mortgages 0.4%
Annuities 0.4%
Defined contribution asset mix:
Company stock 30.9%
Other stock 22.6%
Fixed income 0.1%
Stable value 46.4%
DANBURY, Conn. -- As of Sept. 30, Union Carbide Corp.'s total employee benefit assets held steady from a year earlier. Defined benefit assets increased 12.4% during the same period; defined contribution assets decreased 21.3%. Employer contributions to the defined benefit plan went to zero from $10 million; benefits paid decreased 29%.
Defined contribution managers:
Domestic equities: Fidelity.
Domestic fixed-income: PIMCO; Jennison; NISA; Trust Advisors.
The master trustee/custodian and global custodian for both plans is Chase.
Key personnel overseeing the investment management of the defined benefit plan are Michael F. Hoben, chief investment officer; Bruce Ives, chief fixed-income officer; and Sandra Roth, chief equity officer. Overseeing the defined contribution plan are Jorgen H. Heidemann, senior vice president, Benefit Capital Management, a wholly owned subsidiary of Union Carbide; Rosemary Abbott, associate director; and James Curry, controller, benefits.
Unisys Corp.
($ millions)
Total assets 6,410
Defined benefit 4,030
Total defined contribution 2,380
Employer DB contributions n/a
Benefit payments n/a
Total DC contributions n/a
Defined benefit asset mix:
Domestic stocks 39%
Foreign stocks 20%
Domestic fixed income 25%
Foreign fixed income 6%
Cash equivalents 1%
Private equity 5%
Real estate equity 4%
Defined contribution asset mix:
Company stock 13%
Other stock 39%
Fixed income 2%
Stable value 17%
Cash equivalents 6%
Other 23%
BLUE BELL, Pa. -- As of Sept. 30, Unisys Corp.'s total employee benefit assets decreased less than 1% from a year earlier. Defined benefit assets decreased 3.3% during the same period; defined contribution assets increased 4.1%.
During the past year, a district court ruled Unisys had not breached its fiduciary duties when it bought more than $200 million in GICs from Executive Life Insurance. The case was important because it was the first to address the scope of fiduciary duties and liabilities of employers offering participant-directed defined contribution plans. The ruling is being appealed.
The defined benefit master trustee and global custodian is Bank of New York; the defined contribution master trustee and global custodian is Fidelity.
The key person overseeing the investment management of the fund is Edward A. Sarkisian, director of trust investments.
UNITE - The Union of Needletrades, Industrial & Textile Employees
($ millions)
Total assets* 4,380
Defined benefit 4,380
* P&I estimate
NEW YORK -- As of Sept. 30, Pensions & Investments estimates the employee benefit assets of the Union of Needletrades, Industrial & Textile Employees totaled $4.38 billion. The estimate is based on the $3.36 billion the union reported as of Dec. 31, 1996, in the Money Market Directory.
During the past year, the fund hired Marco Consulting as its new consultant.
The key person overseeing the investment management of the fund is Theodore Bernstein, director, national retirement funds.
United Airlines
($ millions)
Total assets 11,200
Defined benefit 6,800
Total defined contribution 4,400
401(k)/457 2,200
Employer DB contributions 120
Benefit payments 300
The fund uses:
Bond options
Stock index futures
Fixed-income futures
Managed futures
Defined benefit asset mix:
Domestic stocks 53%
Foreign stocks 14%
Domestic fixed income 31%
Private equity 2%
CHICAGO -- As of Sept. 30, United Airlines' total employee benefit assets decreased 2.4% from a year earlier. Defined benefit assets decreased 1.1% during the same period; defined contribution assets decreased 4.2%.
Employer contributions to the defined benefit plan decreased 27.7%; benefits paid increased 20%.
Defined benefit managers:
Domestic equities: Columbus Circle; Dietche & Field; BGI; Jacobs Levy; Ariel Capital; Cambian; First Manhattan; Hotchkis & Wiley; Lincoln Capital; Sit Investment; Sanford C. Bernstein.
International equities: Baillie Gifford; IAI International; Walter Scott; Lazard Freres.
Domestic fixed income: Sanford C. Bernstein; PIMCO; J.P. Morgan; W.R. Huff.
The master trustee and global custodian for both the defined benefit and defined contribution plans is Northern Trust.
The key person overseeing the investment management of both funds is David Dykstra, assistant treasurer.
General Board of Pension and Health Benefits of the United Methodist Church
($ millions)
Total assets 9,915
Total defined contribution 9,915
Total DC contributions n/a
Defined contribution asset mix:
Stock 63.4%
Fixed income 33.9%
Cash equivalents 0.5%
Real estate 2.2%
EVANSTON, Ill. -- As of Sept. 30, the General Board of Pension and Health Benefits of the United Methodist Church's total employee benefit assets, all defined contribution, increased 10% from a year earlier.
Defined contribution managers:
Domestic equities: Brown Capital; Capital Guardian; Delaware Investment; Fidelity; Hotchkis and Wiley; INVESCO; Mellon Equity; NTQA; Provident; RCM; Trinity; Valenzuela; Zevenbergen.
International equities: Capital Guardian; Pictet International; Oechsle International; Scudder Kemper.
Domestic fixed-income: Bridgewater; CIGNA; Lincoln; Mellon Bond; Nicholas-Applegate; Oaktree; Seix; Smith Graham.
Real estate: CIGNA; CMD Realty; Heitman.
The master trustee/custodian and global custodian is Mellon Trust.
Key personnel overseeing the fund are Barbara Boigegrain, general secretary; Gale Whitson-Schmidt, treasurer and chief financial officer; and Dave Zellner, director of investments.
United Mine Workers of America Health & Retirement Funds
($ millions)
Total assets 6,025
Defined benefit 5,850
401(k)/457 175
Employer DB contributions 18
Benefit payments n/a
Total DC contributions 22
Internally managed assets:
Defined benefit 943
Defined benefit asset mix:
Domestic stocks 51.7%
Foreign stocks 7.3%
Domestic fixed income 23.8%
Foreign fixed income 1.8%
Cash equivalents 1.4%
Real estate equity 10.1%
Alternative investments 3.9%
Defined contribution asset mix:
Stock 77.2%
Fixed income 9.8%
Stable value 7%
Cash equivalents 6%
WASHINGTON -- As of Sept. 30, the UMWA Health & Retirement Funds total employee benefit assets decreased 4% from a year earlier. Defined benefit assets decreased 4% during the same period; defined contribution assets increased 9%.
The master trustee/custodian and global custodian for both plans is Bankers Trust.
Key personnel overseeing the investment management of the defined benefit fund are Enos T. Throop Jr., director of investments; and Debbie Mettam, John Adams and Mary Merrill, senior investment advisers. Overseeing the defined contribution plan are Mr. Throop and Ghislaine Sonies, manager-treasury.
United Nations Joint Staff Pension Fund
($ millions)
Total assets 21,174
Total defined contribution 21,174
Total DC contributions 787
Internally managed assets 21,174
Defined contribution asset mix:
Stock 65.4%
Fixed income 29.7%
Cash equivalents 0.4%
Real estate 4.5%
NEW YORK -- As of Sept. 30, the United Nations Joint Staff Pension Fund's total employee benefit assets, all defined contribution, increased 11.5% from a year earlier.
The master trustee/custodian is Boston Safe Deposit/Mellon Trust. Its three regional custodians are Boston Safe Deposit/Mellon Trust, Deutsche Bank and Bank of Tokyo/Mitsubishi.
Overseeing the defined contribution plan are Henry L. Ouma, chief investment officer; and Leora E. Landmesser and Lenora Ivers, senior investment officers.
United Parcel Service
($ millions)
Total assets* 8,099
Defined benefit 5,216
Total defined contribution 2,883
401(k)/457 2,728
Employer DB contributions n/a
Benefit payments n/a
Total DC contributions n/a
* From Money Market Directory
Defined benefit asset mix:
Domestic stocks 37.6%
Foreign stocks 20.8%
Domestic fixed income 22.8%
Cash equivalents 2.4%
Real estate equity 5.5%
Other 10.9%
Defined contribution asset mix:
Company stock 2.1%
Other stock 71.3%
Fixed income 5.2%
Stable value 19.2%
Cash equivalents 2.2%
ATLANTA -- As of June 1, United Parcel Service's total employee benefit assets increased 28% from eight months earlier, according to the Money Market Directory. Defined benefit assets increased 26% during the same period; defined contribution assets increased 32%.
Key personnel overseeing the investment management of the fund are John D. McMahan, chief investment officer; Sheyla B. Peterson, manager; and Mike Connell, corporate benefits manager.
United Technologies Corp.
($ millions)
Total assets 15,614
Defined benefit 9,051
401(k)/457 6,563
Employer DB contributions 106
Benefit payments 531
Total DC contributions ......276
Defined benefit asset mix:
Domestic stocks 43%
Foreign stocks 20%
Domestic fixed income 22%
Foreign fixed income 3%
Cash equivalents 3%
Private equity 3%
Real estate equity 2%
Emerging markets 4%
Defined contribution asset mix:
Company stock 23%
Stable value 54%
Other 23%
HARTFORD, Conn. -- As of Sept. 30, United Technologies Corp.'s total employee benefit assets decreased 2% from a year earlier. Defined benefit assets decreased 6% during the same period; defined contribution assets increased 5%.
Employer contributions to the defined benefit plan increased 171%; benefits paid increased 5%.
Defined benefit managers:
Domestic equities: Bernstein; Jennison; Miller, Anderson & Sherrerd; Ark; CIGNA; HLM; BGI; Sirach; Putnam.
International equities: Jennison; Schroder; American Express; Brinson; Independence.
Domestic fixed-income: CIGNA; Loomis, Sayles.
International fixed-income: Brinson.
Real estate: Aetna; G.E. Capital; Whitehall; Goldman Sachs.
Emerging markets: Genesis; Schroder.
Defined contribution managers:
Domestic equities: Fidelity; Bankers Trust; INVESCO; Putnam; Pilgrim Baxter.
International equities: Templeton; SoGen; Bankers Trust.
Domestic fixed-income: Travelers; MetLife; Investek; Prudential; Aeltus; Jennison.
The defined benefit master trustee/custodian and global custodian is Citibank; the defined contribution master trustee/custodian and global custodian is Bankers Trust.
Key personnel overseeing the investment management of the defined benefit fund are Harsh Bansal, director, pension investments; and Gary Biscoll and Jim Moody, managers.
US Airways
($ millions)
Total assets 5,000
Defined benefit 3,200
401(k)/457 1,800
Employer DB contributions 26
Benefit payments 130
Total DC contributions 215
The fund uses:
Stock index futures
Fixed-income futures
Defined benefit asset mix:
Domestic stocks 55%
Foreign stocks 15%
Domestic fixed income 20%
Private equity 5%
Real estate equity 5%
Defined contribution asset mix:
Company stock 17%
Other stock 67%
Fixed income 5%
Stable value 5%
Cash equivalents 6%
ARLINGTON, Va. -- As of Sept. 30, US Airways' total employee benefit assets increased 8% from a year earlier. Defined benefit assets increased 1% during the same period; defined contribution assets increased 22%.
Employer contributions to the defined benefit plan decreased 89%; benefits paid decreased 33%.
Defined benefit managers:
Domestic equities: Ark; Driehaus; CRM; T. Rowe Price; PIMCO; Smith Breeden; Alliance; Capital Guardian.
International equities: Putnam; Capital Guardian; Sit/Kim; Lazard.
Domestic fixed-income: Western; J.P. Morgan; Wachovia.
Real estate: RREEF; Urdang.
Other: Pathway.
Defined contribution managers:
Domestic equities: Fidelity; Neuberger Berman; T. Rowe Price.
International equities: Putnam.
Domestic fixed-income: Miller, Anderson & Sherrerd.
The defined benefit master trustee/custodian and global custodian is Wachovia; The defined contribution master trustee/custodian and global custodian is Fidelity.
Key personnel overseeing the investment management of the defined benefit fund are James D. Harrington, director, risk management and pension investments, and Thomas A. Mutryn, senior vice president and chief financial officer. Overseeing the defined contribution plan are Mr. Harrington and David Allen, manager, pension compliance.
U S WEST Inc.
($ millions)
Total assets 16,818
Defined benefit 11,672
401(k)/457 5,146
Employer DB contributions 0
Benefit payments 680
Total DC contributions 250
Internally managed assets:
Defined benefit 5,176
Defined contribution 554
The fund uses:
Stock index futures
Fixed-income futures
Swaps
Defined benefit asset mix:
Domestic stocks 43%
Foreign stocks 22%
Domestic fixed income 17%
Foreign fixed income 10%
Private equity 4%
Other 4%
Defined contribution asset mix:
Company stock 45%
Other stock 39%
Fixed income 2%
Stable value 11%
Other 3%
ENGLEWOOD, Colo. -- As of Sept. 30, U S WEST Inc.'s total employee benefit assets increased 2% from a year earlier. Defined benefit assets decreased 6% during the same period; defined contribution assets increased 24%.
Employer contributions to the defined benefit plan remained at zero; benefits paid increased 46%.
During the past year, the fund hired Kimberly Walker as its new executive director, replacing Jim Biundo, the previous executive director who resigned in August 1997.
Defined benefit managers:
Domestic equities: Mellon Capital; Capital Guardian.
International equities: Capital Guardian; Brinson; Morgan Stanley; PanAgora; Schroder; Scudder Kemper; Pictet International; New Africa.
Domestic fixed-income: Jennison; NISA.
Global fixed-income: Morgan Stanley; Bridgewater; J.P. Morgan; Goldman Sachs.
Real estate: Jones Lang Wootton; Sarofim; Security Capital; Copley; Equitable; Harbinger; Goldman Sachs.
TAA: Mellon Capital; BGI.
Other: Desai; Bridgewater; Harbinger; TCW.
Defined contribution managers:
Domestic equities: Brinson; BGI.
International equities: Capital Guardian; Brinson.
Domestic fixed-income: Brinson; BGI.
International fixed-income: Brinson.
The defined benefit master trustee/custodian and global custodian is Boston Safe Deposit; the defined contribution master trustee/custodian is Bankers Trust.
Key personnel overseeing the investment management of the defined benefit fund are Kimberly Walker, executive director; and Mary Beth Gorrell, Sara Stratton, James Belquist, Michael Jensen and Stan Willie, directors. Overseeing the defined contribution plan are Ms. Walker and Donald Butt, director.
USX Corp.
($ millions)
Total assets 11,574
Defined benefit 10,693
401(k)/457 881
Employer DB contributions 56
Benefit payments 936
Total DC contributions 131
Internally managed assets:
Defined benefit 10,693
Defined contribution 154
The fund uses:
Stock options
Swaps
Defined benefit asset mix:
Domestic stocks 49%
Foreign stocks 4%
Domestic fixed income 35%
Cash equivalents 6%
Private equity 1%
Real estate equity 2%
Other 3%
Defined contribution asset mix:
Company stock 15%
Other stock 49%
Fixed income 1%
Stable value 25%
Cash equivalents 6%
Loans 4%
PITTSBURGH -- As of Sept. 30, USX Corp.'s total employee benefit assets held fairly steady from a year earlier. Defined benefit assets decreased 0.6% during the same period; defined contribution assets increased 2.6%
Employer contributions to the defined benefit plan increased 33%; benefits paid increased 2.2%.
The retirement plan represents the U.S. Steel and Carnegie Pension Fund and does not include the defined contribution plan assets of Marathon Oil.
Defined contribution managers:
Domestic equities: Waddell & Reed; Bankers Trust; Fidelity.
International equities: T. Rowe Price; Capital Management; Fidelity.
Domestic fixed-income: Bankers Trust; Fidelity.
The master custodians for the defined benefit plan are Northern Trust and Mellon Trust; the global custodian is Mellon. For the defined contribution plan, the external custodian is Fidelity.
Key personnel overseeing the investment management of the defined benefit fund are Gary Glynn, president, and Peter Lincoln, vice president of investments. Overseeing the defined contribution plan are Messrs. Glynn and Lincoln, and James T. Carney, vice president of administration.
Utah State Retirement System
($ millions)
Total assets* 12,000
Defined benefit 11,000
401(k)/457 1,000
* From Money Market Directory
Defined benefit asset mix:
Domestic stocks 42%
Foreign stocks 18%
Domestic fixed income 27%
Foreign fixed income 3%
Cash equivalents 1%
Real estate equity 6%
Other 3%
SALT LAKE CITY -- As of May 31, the Utah State Retirement System's total employee benefit assets increased 9% from Sept. 30, 1997. Defined benefit assets increased 10% during the same period; defined contribution assets remained the same, according to data from the Money Market Directory.
Key personnel overseeing the investment management of the fund are Edgar H. Throndsen, board president; and Richard Cherry, investment officer.
