Sears Roebuck & Co.
($ millions)
Total assets 5,870
Defined benefit 1,785
401(k)/457 4,085
Employer DB contributions n/a
Benefit payments 201
Internally managed assets:
Defined benefit 533
Defined contribution 2,992
The fund uses:
Stock index futures
Fixed-income futures
Managed futures
Defined benefit asset mix:
Domestic stocks 45.7%
Foreign stocks 19.0%
Domestic fixed income 25.1%
Cash equivalents 3.7%
Private equity 4.3%
Real estate equity 2.2%
Defined contribution asset mix:
Company stock 41.2%
Other stock 34.8%
Fixed income 12.3%
Cash equivalents 11.7%
HOFFMAN ESTATES, Ill. -- As of Sept. 30, Sears Roebuck & Co.'s total employee benefit assets for the first time reflect the 1995 divestiture of its Allstate subsidiary. Comparisons with previous year assets were not available.
During the past year, the company hoped to complete the total outsourcing of its defined benefit plan to Wellspring Resources.
Defined benefit managers:
Domestic equities: DePrince; LSV; Janus; Lincoln; DFA; Dreihaus; MFS; Edgar Lomax; Apodaca.
International equities: State Street Global; Walter Scott; Lazard Freres; J.P. Morgan; Wellington; Marathon; Nicholas-Applegate; Pictet; Northern Trust; Bridgewater; First Quadrant; Capital Guardian.
Real estate: AEW.
Other: ABN AMRO Chicago Corp.
Defined contribution managers:
Domestic equities: Ark; LSV; Lincoln; INVESCO; Arnhold Bleichroeder; Investment Advisers.
International equities: State Street Global.
The defined benefit master trustee/custodian and global custodian is Chase Manhattan Bank. The defined contribution master trustee/custodian and global custodian is State Street Bank.
Key personnel overseeing the investment management of the defined benefit and defined contribution plans are Stanley Wright, president, Sears Investment Management Co.; and Jonathan Leight, director, portfolio strategy.
Sheet Metal Workers National Pension Fund
($ millions)
Total assets* 4,669
Defined benefit 4,651
Total defined contribution 18
*P&I estimate
ALEXANDRIA, Va. -- As of Sept. 30, Pensions & Investments estimates the employee benefit assets of the Sheet Metal Workers National Pension Fund totaled $4.669 billion. The estimate is based on the $4.362 billion the company reported as of December 1997 in the Money Market Directory.
Key personnel overseeing the investment management of the fund are Andy Rubin, comptroller; and Marc LeBlanc, administrator.
Shell Oil Co.
($ millions)
Total assets 14,217
Defined benefit 5,678
Total defined contribution 8,539
401(k)/457 1,556
Employer DB contributions 0
Benefit payments 300
Total DC contributions 220
Internally managed assets:
Defined benefit 997
The fund uses:
Stock index futures
Fixed-income futures
Managed futures
Defined benefit asset mix:
Domestic stocks 54%
Foreign stocks 18%
Domestic fixed income 26%
Real estate equity 2%
Defined contribution asset mix:
Company stock 22%
Other stock 33%
Fixed income 1%
Stable value 37%
Other 7%
HOUSTON -- As of Sept. 30, Shell Oil Co.'s total employee benefit assets decreased 4% from a year earlier. Defined benefit assets decreased 8% during the same period; defined contribution assets decreased 2%.
Employer contributions to the defined benefit plan remained at zero; benefits paid increased 5%.
Defined benefit managers:
Domestic equities: Paradigm; Investment Research; Westpeak Investment; Turner Investment; BGI; Valuequest; Independence Investments; Fayez Sarofim; Alliance; Dodge & Cox; Sanford C. Bernstein; Progress Investments.
International equities: Morgan Stanley; Goldman Sachs; Marvin & Palmer; Bank of Ireland; Baillie Gifford.
Domestic fixed-income: BEA; Seix; Smith Graham; Progress.
Real estate: Equitable; Carew; RREEF.
Global: Goldman Sachs.
Defined contribution manager: Fidelity and J.P. Morgan.
The defined benefit master trustee/custodian is Mellon. The defined contribution master trustee/custodian is Bankers Trust.
Key person overseeing the investment management of both plans is Pervis Thomas, chief investment officer.
South Carolina Retirement System
($ millions)
Total assets 18,795
Defined benefit 18,795
Employer DB contributions 472
Benefit payments 744
Internally managed assets 18,795
Defined benefit asset mix:
Domestic fixed income 87.1%
Cash equivalents 12.9%
COLUMBIA, S.C. -- As of Sept. 30, the South Carolina Retirement System's total employee benefit assets, all defined benefit, increased 13% from a year earlier.
Employer contributions to the plan increased 6.5%; benefits paid decreased 0.9%.
During the year, the South Carolina Retirement System prepared for its first equity investments, expected to be made during the first quarter of 1999. The fund expected to put $7 billion into equities, following passage of legislation allowing the fund to invest in equities.
The defined benefit master trustee/custodian is Bank of New York.
Key personnel overseeing the investment management of the fund are Grady Patterson, state treasurer; John Pownall, deputy state treasurer; and Chuck Sanders, senior assistant state treasurer.
South Dakota Retirement System
($ millions)
Total assets* 4,207
Defined benefit 4,154
457 53
Employer DB contributions 47
Benefit payments 108
Total DC contributions 5
*as of June 30, 1998
Internally managed assets:
Defined benefit 3,559
The fund uses:
Stock options
Stock index futures
Fixed-income futures
Short selling
Swaps
Defined benefit asset mix:
Domestic stocks 39%
Foreign stocks 13%
Domestic fixed income 24%
Cash equivalents 5%
Private equity 1%
Real estate equity 10%
Arbitrage 8%
Defined contribution asset mix:
Stock 60%
Fixed income 24%
Cash equivalents 3%
Stable value 13%
PIERRE, S.D. -- As of June 30, the South Dakota Retirement System's total employee benefit assets increased 18.7% from a year earlier. Defined benefit assets increased 18.7% during the same period; defined contribution assets increased 27.7%.
Employer contributions to the defined benefit plan decreased 2%; benefits paid increased 8%.
During the past year, the fund gave Steve Meyers, state investment officer, a 36% raise, making him the highest paid official in the state. Mr. Meyers, who has been with the fund for 25 years, oversees the $3.559 billion in internally managed defined benefit assets.
Defined benefit managers:
Domestic equities: Trinity.
International equities: Acadian; DFA; Nicholas-Applegate; Capital Guardian.
Real estate: Blackstone; Apollo.
Other managers: Cypress; DLJ Merchant Bankers; AIG.
Defined contribution managers:
Domestic equities: Vanguard; Franklin; DFA.
International equities: Vanguard.
Domestic fixed-income: Vanguard; Loomis, Sayles.
Other managers: Prudential.
The defined benefit master trustee/custodian and global custodian is Citigroup.
Key personnel overseeing the investment management of the defined benefit plan are Mr. Myers and Al A. Asher, administrator. Mr. Asher oversees the defined contribution plan.
Annuity Board of the Southern Baptist Convention
($ millions)
Total assets 6,065
Defined benefit 1,850
Total defined contribution 4,215
401(k)/457 14
Employer DB contributions 0
Benefit payments 168
Total DC contributions 280
The fund uses:
Stock options
Bond options
Stock index futures
Fixed-income futures
Defined benefit asset mix:
Domestic stocks 39%
Foreign stocks 13%
Domestic fixed income 46%
Cash equivalents 1%
Real estate equity 1%
Defined contribution asset mix:
Stock 62%
Fixed income 26%
Cash equivalents 12%
DALLAS -- As of Sept. 30, the Annuity Board of the Southern Baptist Convention's total employee benefit assets increased 2.6% from a year earlier. Defined benefit assets decreased 3.2% during the same period; defined contribution assets increased 5.3%.
Employer contributions to the defined benefit plan remained at 0; benefits paid decreased 16%.
Managers for both plans:
Domestic equities: Goldman; Independence Barrow, Hanley; GAMCO; GSB; Dresdner RCM; Westpeak; Provident Investment.
International equities: Brinson; Montgomery; Walter Scott; Genesis.
Domestic fixed-income: Northern Trust; Payden & Rygel; BlackRock; Spectrum; J.P. Morgan; Western Asset; Loomis, Sayles; STW; Certus.
Northern Trust is master trustee/custodian and global custodian for both plans.
Key personnel overseeing the investment management for both plans are Rodric E. Cummins, executive officer, investment services; and Matt L. Peden, investment specialist.
