Total assets 64,452
Total defined contribution 64,452
Total DC contributions 7,031
Internally managed assets 26,334
Defined contribution asset mix:
Fixed income 6%
Cash equivalents 41%
WASHINGTON -- As of Sept. 30, the Federal Retirement Thrift Investment Board's total employee benefit assets, all defined contribution, increased 16.1% from a year earlier.
During the past year, the fund announced plans to search for its first international index equities manager, and its first domestic small-cap index manager in the first quarter of 1999.
Defined contribution manager: BGI
The master trustee/custodian is BGI.
Overseeing the defined contribution plan are Peter B. Mackey, director of investments; Alison L. Doone, deputy director of investments; and Patricia B. Lachman, senior financial analyst.
First Chicago NBD Corp.
Total assets* 4,419
Defined benefit 2,626
Total defined contribution 1,793
CHICAGO -- As of Sept. 30, Pensions & Investments estimates the employee benefit assets of First Chicago NBD Corp. totaled $4.419 billion. The estimate is based on the $2.4 billion the company reported for the defined benefit plan as of January 1998 and the $2 billion reported for the defined contribution plan as of May 1998 in the Money Market Directory.
During the past year, the Justice Department approved the merger of First Chicago NBD with Banc One Corp. of Ohio.
Key personnel overseeing the investment management of the fund are George F. Abel, senior vice president; and Donald A. Hoy, first vice president.
First Union Corp.
Total assets* 6,165
Defined benefit 3,102
Total defined contribution 3,063
CHARLOTTE, N.C. -- As of Sept. 30, Pensions & Investments estimates the employee benefit assets of First Union Corp. totaled $6.165 billion. The estimate is based on the $2.5 billion in defined benefit assets and $3 billion in defined contribution assets the company reported as of December 1997 in the Money Market Directory.
During the past year First Union Corp. acquired Corestates Financial Corp., Philadelphia. In 1997, Corestates reported employee benefits assets of $1.5 billion, according to the Money Market Directory.
Key personnel overseeing the investment management of the fund is Ben Jolley, senior vice president-human resources.
State Board of Administration of Florida
Total assets 77,525
Defined benefit 77,525
Employer DB contributions 3,296
Benefit payments 1,826
Internally managed assets 33,462
Defined benefit asset mix:
Domestic stocks 59.9%
Foreign stocks 7.4%
Domestic fixed income 27.2%
Cash equivalents 1.2%
Real estate equity 4.3%
TALLAHASSEE, Fla. -- As of Sept. 30, State Board of Administration of Florida's total employee benefit assets -- all defined benefit -- increased 8% from a year earlier.
Employer contributions to the defined benefit plan increased 9%; benefits paid increased 14%.
In the past year, the fund battled the Florida State Office of Program Policy Analysis and Government Accountability over indexing. The pension fund is fighting a report by the state agency that says the fund could have earned an additional $612 million in interest and saved $49 million in fees in the fiscal year ended June 30, 1997, had it used passive instead of active investment managers to run its entire domestic equity portfolio.
Defined benefit managers:
Domestic equities: Alliance; American Express; Apollo; Aronson + Partners; David L. Babson; Barrow, Hanley, McWhinney & Strauss; BGI; Carlyle; Centre; Coinvestment Partners; Cypress; Denver Investment; Intech; Carl Domino; Haven; Private Capital Management; First Quadrant; Goldman Sachs; Hicks, Muse; Independence Investment; Lazard Freres; Liberty Partners; Progress; Prudential; Putnam; Ripplewood; Smith Barney; Thomas H. Lee; Trinity; Wilshire.
International equities: Blairlogie; BGI; Capital Guardian; Capital International; Genesis; J.P. Morgan; Morgan Stanley Asset; Progress; Putnam International; Rowe Price-Fleming; Schroder; Sprucegrove; State Street Bank; State Street Global; Templeton.
Domestic fixed-income: Alliance; Atlantic Portfolio Analytics; BEA; Glenmeade Trust; Lincoln; OFFITBANK; PIMCO; Salomon Brothers; Smith Breeden; Taplin, Canida & Habacht; TCW; Wellington Management.
The defined benefit master trustee/custodian is State Street Bank.
Key personnel overseeing the investment management of the fund are Tom Herndon, executive director; Barbara Jarriel, chief of fixed income; Lan Janecek, chief of domestic equities; Susan Schueren, chief of international equities; and Doug Bennett, chief of real estate.