Employees' Retirement System-State of Hawaii
($ millions)
Total assets 8,459
Defined benefit 8,459
Employer DB contributions 310
Benefit payments 422
Internally managed assets 41
The fund uses:
Stock options
Stock index futures
Fixed-income futures
Managed futures
Swaps
Defined benefit asset mix:
Domestic stocks 42.6%
Foreign stocks 13.8%
Domestic fixed income 29.7%
Foreign fixed income 6.3%
Real estate equity 6.4%
Mortgages 1.0%
Alternatives 0.2%
HONOLULU -- As of Sept. 30, the Employees' Retirement System-State of Hawaii's total employee benefit assets, all defined benefit, increased 1.3% from a year earlier.
Employer contributions to the plan decreased 3.7%; benefits paid decreased 2.5%.
During the past year, the fund hired Nathan Fischer as its first chief investment officer. In January, the board is expected to decide whether to hire an additional real estate manager or to increase its mandates to its five incumbent managers in order to increase its target to 10% from 6%. The fund also is in the midst of an asset allocation study and a small-cap equity review; results are due in February.
Defined benefit managers:
Domestic equities: Delaware; Independence; Alliance; Pacific Century Trust; C.M. Bidwell; Barrow Hanley; Hanson; Denver; Oppenheimer; TCW; Mellon Capital.
International equities: State Street Global; Schroder; Bank of Ireland; Phillips & Drew; Nomura; Daiwa; Capital International; Scudder.
Domestic fixed-income: Bradford & Marzec; Brinson; HCM; PIMCO; Pacific Income Advisors; Scudder.
International fixed-income: Oechsle; PIMCO.
Real estate: Heitman.
Other: Abbott; INVESCO Realty; Clarion.
The master trustee/custodian and global custodian is Bankers Trust Co.
Key personnel overseeing the investment management of the fund are David Shimabukuro, administrator, and Nathan Fischer, chief investment officer.
1199 Healthcare Employees Pension Fund
($ millions)
Total assets 5,000
Defined benefit 5,000
Employer DB contributions n/a
Defined benefit asset mix:
Domestic stocks 45%
Foreign stocks 5%
Domestic fixed income 35%
Foreign fixed income 5%
Real estate equity 10%
NEW YORK -- As of Sept. 30, the 1199 Healthcare Employee Pension Fund's total employee benefit assets -- all defined benefit -- increased 5% from a year earlier.
Key personnel overseeing the investment management of the fund are John Norris chief investment officer; and Lorelei Woodford, assistant chief investment officer.
Hewlett-Packard Co.
($ millions)
Total assets* 7,538
Defined benefit 787
Total defined contribution 6,751
*P&I estimate
PALO ALTO, Calif. -- As of Sept. 30, Pensions & Investments estimates the employee benefit assets of Hewlett-Packard Co. totaled $7.538 billion. The estimate is based on the $734 million in defined benefit assets, as of October 1997, and the $5.789 billion in defined contribution assets, as of July 1996, the company reported in Money Market Directory.
During the past year, the fund began using the Participant Preference Model, a database that helps determine how changes in 401(k) plans will be received by participants before being implemented.
Key personnel overseeing the investment management of the fund are Cheryl Gorman, operations and accounting manager, and Ron Simmons, treasury services manager.
Honeywell Inc.
($ millions)
Total assets 5,967
Defined benefit 3,575
401(k)/457 2,392
Employer DB contributions 110
Benefit payments 240
The fund uses:
Stock options
Bond options
Stock index futures
Fixed-income futures
Short selling
Managed futures
Swaps
Defined benefit asset mix:
Domestic stocks 43%
International stocks 19%
Domestic fixed income 25%
Cash equivalents 3%
Private equity 4%
Real estate equity 4%
Other 2%
Defined contribution asset mix:
Company stock 20%
Other stock 56%
Fixed income 6%
Cash equivalents 18%
MINNEAPOLIS -- As of Sept. 30, Honeywell Inc.'s total employee benefit assets increased 5% from a year earlier. Defined benefit assets increased 2% during the same period; defined contribution assets increased 9%.
Employer contributions to the defined benefit plan decreased 38%; benefits paid increased 9%.
The master trustee/custodian and global custodian for the defined benefit plan is Mellon. The master trustee/custodian and global custodian for the defined contribution plan is T. Rowe Price.
Key personnel overseeing the investment management of the defined benefit and defined contribution plans are Debbie Veverka, vice president for pensions and investments; and Doug Gorence, director of pensions and investments.
