Ford Motor Co.
($ millions)
Total assets 50,700
Defined benefit 35,000
Total defined contribution 15,700
Employer DB contributions 207
Benefit payments 1,878
Total DC contributions 830
The fund uses:
Stock index futures
Fixed-income futures
Swaps
Defined benefit asset mix:
Global stocks 60%
Global fixed income 37%
Cash equivalents 2%
Real estate equity 1%
Defined contribution asset mix:
Company stock 60%
Other stock 22%
Fixed income 2%
Stable value 14%
Other 2%
DEARBORN, Mich. -- As of Sept. 30, Ford Motor Co.'s total employee benefit assets increased 6% from a year earlier. Defined benefit assets decreased 2% during the same period; defined contribution assets increased 30%.
Employer contributions to the defined benefit plan decreased 33%; benefits paid increased 22%.
Defined benefit managers:
Global equities: Alliance; Ariel; Bernstein; Capital Guardian; Fidelity; J.P. Morgan; Sarofim; Scudder; PRIMECAP; World.
Global fixed-income: BlackRock; Fischer Francis; Goldman Sachs; Miller Anderson; PIMCO; Standish Ayer & Wood; Capital Guardian; J.P. Morgan; State Street Research; T. Rowe Price.
Real estate: Aeltus; Lend Lease; JMB; L&B; GE; Prudential.
Defined contribution managers:
Domestic equities: Fidelity; Vanguard; T. Rowe Price; Scudder; World Asset.
International equities: Fidelity; Vanguard; T. Rowe Price; Scudder; World Asset.
Domestic fixed-income: Fidelity; Vanguard; T. Rowe Price; Scudder.
International fixed-income: Fidelity; Vanguard; T. Rowe Price; Scudder.
Real estate: Fidelity.
The defined benefit master trustee/custodian and global custodian is Comerica Bank. The defined contribution master trustee/custodian is Fidelity.
Key personnel overseeing the investment management of the fund are David Brandi, director, pension asset management, and James Williams, associate director, pension asset management. Overseeing the defined contribution plan are Messrs. Brandi and Williams and Lee Mezza, manager, N.A. compensation and benefits.
General Dynamics Corp.
($ millions)
Total assets 7,905
Defined benefit 4,847
401(k)/457 3,058
Employer DB contributions 12
Benefit payments 150
Total DC contributions 105
The fund uses:
Stock index futures
Fixed-income futures
Defined benefit asset mix:
Stocks 27%
Fixed income 73%
Defined contribution asset mix:
Company stock 24%
Other stock 28%
Fixed income 7%
Stable value 41%
FALLS CHURCH, Va. -- As of Sept. 30, General Dynamics Corps.' total employee benefit assets increased 20% from a year earlier. Defined benefit assets increased 24% during the same period; defined contribution assets increased 14%.
Employer contributions to the defined benefit plan decreased 40%; benefits paid stayed the same.
Defined benefit managers:
Domestic equities: Fiduciary; Alliance; J.P. Morgan; Westpeak.
Domestic fixed-income: Fiduciary; PIMCO; State Street Research; NISA.
Defined contribution manager: State Street Global.
Stable value: Fiduciary.
The master trustee/custodian for both plans is Northern Trust.
Key person overseeing the investment management of both funds is Charles D. Walbrandt, president of Fiduciary Asset Management.
General Electric Co.
($ millions)
Total assets 58,739
Defined benefit 39,004
401(k)/457 19,735
Employer DB contributions 0
Benefit payments 1,632
Total DC contributions 756
Internally managed assets:
Defined benefit 31,700
Defined contribution 19,735
The fund uses:
Stock options
Stock index futures
Defined benefit asset mix:
Domestic stocks 43%
Foreign stocks 14%
Domestic fixed income 24%
Foreign fixed income 2%
Cash equivalents 4%
Private equity 8%
Real estate equity 5%
Defined contribution asset mix:
Company stock 69%
Other stock 11%
Fixed income 15%
Cash equivalents 5%
STAMFORD, Conn. -- As of Sept. 30, General Electric Co.'s total employee benefit assets increased 3% from a year earlier. Defined benefit assets grew by 0.01% during the same period; defined contribution assets increased 10%.
Benefits paid increased 5%.
Toward the end of 1997 and in early 1998, the defined benefit fund increased active domestic equity management to 6% of equities and cut back on its passive U.S. stock exposure, which had stood at 15%. It also increased active small-cap and midcap U.S. equities by 3% and raised large-cap domestic stocks by 6%. It substantially increased the domestic fixed income allocation to 22% to 23% from 14%. It funded that allocation by selling $1.6 billion worth of real estate, mainly to real estate investment trusts. It also reduced its cash allocation to 4% from 6%.
Defined benefit managers:
Domestic equities: Blackstone; Calport; Fayez Sarofim; First Pacific; J.P. Morgan; Montgomery; NWQ; Omega Institutional; Palisade; Progress Common; Sanford C. Bernstein; Sound Shore; Warburg-Pincus.
International equities: BGI; Calport; Capital Guardian; Montgomery; New Africa Advisers; Nomura; Northern Cross; RogersCasey; Rowe Price-Fleming; Schroeder.
Domestic fixed-income: BlackRock; Calport; J.P. Morgan.
Real estate: Corsair; Lend Lease; Heitman; J.P. Morgan; Nutmeg; Olympic Realty; Thayer Hotel Investors.
Private equities: Angelo Gordon; Forstmann Little; Kelso; Warburg-Pincus.
The defined benefit master trustee is GE Investment Co.; the master custodian is State Street Bank; the global custodian is State Street Bank. The defined contribution master trustee/custodian and global custodian is State Street Bank & Trust.
Key personnel overseeing the investment management of both plans are John H. Myers, chief executive officer; Alan M. Lewis, general counsel and trustee; and Thomas J. Szkutak, chief financial officer.
General Motors Corp.
($ millions)
Total assets 87,000
Defined benefit 67,000
Total defined contribution 20,000
Employer DB contributions 1,100
Benefit payments 4,900
NEW YORK -- As of Sept. 30, General Motor Corp.'s total employee benefit assets decreased 4% from a year earlier. Defined benefit assets decreased 7% during the same period; defined contribution assets increased 6%.
Employer contributions to the defined benefit plan decreased 27%; benefits paid increased 4%
In the past year, General Motors Investment Management Corp. hired State Street Bank & Trust Co. as a custodian for $46 billion in public securities and Chase Manhattan as a custodian for $7 billion in private market assets. State Street replaced Mellon Trust, Pittsburgh; Chase replaced Mellon and Bankers Trust Co.
When Electronic Data Systems Corp. was added to the S&P 500 on Aug. 10, General Motors sold 11.5 million of the 126.5 million shares owned by the plan for $475 million. It exchanged its 37% equity stake in the Taubman Realty Group for 10 regional malls owned by Taubman, to reduce its ownership to a level more consistent with its other investments and to get more liquidity.
The fund also hired four firms to run a $1.5 billion global tactical asset allocation portfolio and three market-neutral managers to run $500 million.
In June it consolidated all its private market investments into a single group, separating them from its public market investments. In July, GMIMCO hired B. Jack Miller, in the first step toward offering services to outside clients.
Defined benefit managers: Acadian; Aeltus; AEW; Ark; Bankers Trust; Baring International; Batterymarch; Berkeley; BlackRock; Bridgewater; Brinson; BGI; Capital Guardian; Chase; Citibank; Contrarian; DDJ; Dimensional Fund Advisors; Emerging Markets Management; Fidelity; First Chicago; First Quadrant; Fischer, Francis; Franklin Portfolio; Frontier; GE Capital; Genesis; Goldman Sachs; INVESCO; J.P. Morgan; Lincoln; Loomis, Sayles; Magten; Marathon; Martingale; Mellon Bank; Mercury; Merrill Lynch; MetLife; Miller Anderson; Morgan Grenfell; Morgan Stanley; N.M. Rothschild; NISA; Nomura; Northern Trust Quantitative; Paradigm; Pareto; Pecks Management; Provident; R.P.I. Institutional; Rowe Price-Fleming International; Salomon Brothers; Sanford C. Bernstein; Shenkman Capital; Smith Breeden; State Street Global; State Street Research; TCW; Trinity Investment; Union Bank of Switzerland; US Trust; W.R. Huff.
Defined contribution managers: Brinson; Capital Guardian; Fidelity; J.P. Morgan; John Hancock; Loomis, Sayles; Massachusetts Mutual; MetLife; New York Life; NISA; State Street Research.
The defined benefit master trustee/custodian is State Street Advisors and Chase Manhattan Bank; the global custodian is Chase Manhattan.
Key personnel overseeing the investment management of the defined benefit fund are W. Allen Reed, president; and R. Charles Tschampion, managing director.
Employees' Retirement System of Georgia
($ millions)
Total assets 12,557
Defined benefit 12,557
Employer DB contributions 286
Benefit payments 357
Internally managed assets 12,557
Defined benefit asset mix:
Domestic stocks 53.3%
Foreign stocks 2.3%
Domestic fixed income 43.8%
Cash equivalents 0.6%
ATLANTA -- As of Sept. 30, the Employees' Retirement System of Georgia's total employee benefit assets, all defined benefit, increased 11.5% from a year earlier.
Employer contributions decreased 4.7%; benefits paid increased 2%.
The master trustee/custodian and global custodian is Chase.
Key personnel overseeing the investment management of the fund are Charles W. Cary Jr., director, investment division, and Nancie Boedy, deputy director.
Teachers Retirement System of Georgia
($ millions)
Total assets 33,545
Defined benefit 33,545
Employer DB contributions 710
Benefit payments 781
Internally managed assets 33,545
Defined benefit asset mix:
Domestic stocks 52.4%
Foreign stocks 2.4%
Domestic fixed income 44.2%
Cash equivalents 1.0%
ATLANTA -- As of Sept. 30, the Teachers Retirement System of Georgia's total employee benefit assets, all defined benefit, increased 12.6% from a year earlier. Employer contributions increased 8.7%; benefits paid increased 10.6%.
The master trustee/custodian and global custodian is Chase.
Key personnel overseeing the investment management of the fund are Charles W. Cary Jr., director, investment division, and Nancie Boedy, deputy director.
Goodyear Tire & Rubber Co.
($ millions)
Total assets 4,763
Defined benefit 2,800
401(k)/457 1,963
Employer DB contributions 43
Benefit payments 137
Total DC contributions 156
The fund uses:
Stock index futures
Swaps
Defined benefit asset mix:
Domestic stocks 47.8%
Foreign stocks 15.7%
Domestic fixed income 29.1%
Cash equivalents 0.6%
Private equity 6.8%
Defined contribution asset mix:
Company stock 22.4%
Other stock 35.6%
Fixed income 2.1%
Stable value 35.4%
Loans 4.5%
AKRON, Ohio -- As of Sept. 30, Goodyear Tire & Rubber Co.'s total employee benefit assets decreased 1.8% from a year earlier. Defined benefit assets decreased 2.6% during the same period; defined contribution assets decreased 0.5%.
Employer contributions to the defined benefit plan decreased 25%; benefits paid increased 9%.
Defined benefit managers:
Domestic equities: State Street Research; State Street Global; Society; Bank of America; Brinson; Nicholas-Applegate; Oak Associates; PIMCO; Sanford C. Bernstein; Smith Breeden.
International equities: Baillie Gifford; Clay Finlay; Morgan Stanley; State Street Global.
Domestic fixed-income: J.P. Morgan; Loomis Sayles.
Other: Latin American Capital; Warburg Pincus; Canterbury; INVESCO; DLJ; Hicks Muse; H&Q; JW Childs.
Defined contribution managers:
Domestic equities: Northern Trust; American Century; Franklin.
International equities: Templeton.
Stable Value: PRIMCO.
Lifecycle: State Street Global.
The master trustee/custodian and global custodian is Northern Trust.
Key personnel overseeing the investment management of both funds are Duane H. Smith, director, and Carrie M. Sawyer, senior investment analyst.
GTE Corp.
($ millions)
Total assets 21,792
Defined benefit 15,829
401(k)/457 5,963
Employer DB contributions 0
Benefit payments 538
Total DC contributions 164
Internally managed assets:
Defined benefit 2,060
The fund uses:
Stock options
Bond options
Stock index futures
Fixed-income futures
Defined benefit asset mix:
Domestic stocks 46.2%
Foreign stocks 15.0%
Domestic fixed income 21.3%
Foreign fixed income 4.7%
Cash equivalents 5.6%
Private equity 7.2%
Defined contribution asset mix:
Company stock 45.6%
Fixed income 15.6%
Stable value 35.7%
Cash equivalents 3.1%
STAMFORD, Conn. -- As of Sept. 30, GTE Corp.'s total employee benefit assets increased 8% from a year earlier. Defined benefit assets decreased 1.4% during the same period; defined contribution assets increased 44%.
Employer contributions to the defined benefit plan remained unchanged at 0; benefits paid decreased 33%.
During the past year, the fund formed a strategic advisory board to help it make private market investments.
The parent company relocated to Irving, Texas, but GTE Investment Management remained in Stamford, Conn., although it moved to new offices.
Looking ahead, GTE is slated to merge with Bell Atlantic Corp. within the year, and a merger of the two telecom companies' combined $79 billion in defined benefit and defined contribution assets is likely within two years.
Defined Contribution Managers:
Equities: Fidelity; Morgan Stanley; Warburg-Pincus.
International equities: Fidelity; Templeton; Morgan Stanley.
Domestic fixed-income: Fidelity.
The defined benefit master trustee/custodian and global custodian is Bankers Trust. The defined contribution master trustee/custodian and global custodian is Fidelity.
Key personnel overseeing the investment management of both funds are T. Britton Harris, president; and William J. Raver, managing director at GTE Investment Management Corp., which manages the plan. Carol W. Tusch, portfolio manager, GTE Investment Management Corp., also oversees the defined contribution plan.
