($ millions)
Total assets 5,680
Defined benefit 5,679
457 1
Defined benefit asset mix:
Domestic stocks 48%
Foreign equity 10%
Domestic fixed income 42%
Defined contribution asset mix:
Stock 70%
Fixed income 30%
AUGUSTA, Maine -- As of Sept. 30, the Maine State Retirement System's total employee benefit assets increased 3.2% from a year earlier. Defined benefit assets increased 3.2% during the same period; defined contribution assets increased 1.5%.
Defined benefit managers:
Domestic equities: Alliance; J.P. Morgan; Cramer Rosenthal; Peregrine; State Street Global.
International equities: Bankers Trust; State Street Global; Martin Currie; Rowe Price-Fleming.
Domestic fixed-income: Alliance; J.P. Morgan; Loomis, Sayles; Standish Ayer; State Street Global.
Defined contribution manager: State Street Global.
The defined benefit master trustee/custodian and global custodian is Northern Trust; the defined contribution master trustee/custodian and global custodian is State Street Global.
Key personnel overseeing the investment management of the fund are Kay Evans, executive director, and Doug Comerra, finance manager.
State Retirement and Pension System of Maryland
($ millions)
Total assets 25,440
Defined benefit 25,440
Employer DB contributions 262
Benefit payments 973
Internally managed assets 9,344
Defined benefit asset mix:
Domestic stocks 43%
Foreign stocks 20%
Domestic fixed income 32%
Foreign fixed income 4%
Real estate equity 1%
BALTIMORE -- As of Sept. 30, the State Retirement and Pension System of Maryland's total employee benefit assets, all defined benefit, decreased 2.2% from a year earlier.
Employer contributions and benefit payouts remained about the same.
During the past year, the fund hired its first convertible bond manager, and began reviewing all of its managers to weed out underpeforming firms.
Defined benefit managers:
Equities: Alex. Brown; Alliance; Bank of Ireland; BEA; Brinson; Brown Capital; Chapman Capital; Dimensional Fund Advisors; Capital Group; Emerging Markets Investors; Harbor International; Maryland Venture Capital; Nicholas-Applegate; Rothschild Asset; Scudder, Stevens & Clark; State Street Global; T. Rowe Price; Templeton; Thomson Horstmann & Bryant; TCW; Wellington Trust.
Fixed-income: Investment Counselors of Maryland; Mercantile-Safe Deposit; PIMCO; Progress Investment; Rothschild International; Standish Ayer & Wood; Strategic Fixed Income; Putnam Advisory; W.R. Huff.
Real estate: ABKB/LaSalle; AEW Capital; CIGNA; J.P. Morgan; LaSalle Advisors; Sentinel.
The master trustee/custodian and global custodian is State Street Bank.
The key person overseeing the investment management of the fund is Carol Casey, chief investment officer.
Massachusetts Pension Reserves Investment Management Board
($ millions)
Total assets 24,053
Defined benefit 21,931
457 2,122
Employer DB contributions n/a
Benefit payments n/a
The fund uses:
Stock index futures
Fixed-income futures
Defined benefit asset mix:
Domestic stocks 44%
Foreign stocks 18%
Domestic fixed income 27%
Private equity 5%
Real estate equity 5%
Mortgages 1%
Defined contribution asset mix:
Stock 66.2%
Stable value 33.0%
Cash equivalents 0.8%
BOSTON -- As of Sept. 30, the Massachusetts Pension Reserves Investment Management Board's total employee benefit assets increased 6.2% from Oct. 31, 1997. Defined benefit assets increased 5.7% during the same period; defined contribution assets increased 11.6%
Last February, Collette Chilton, the fund's chief investment officer, announced she would join Lucent Technologies Inc. as chief investment officer. Because it was an election year, the pension board delayed selecting a new CIO until after the election. The board increased the CIO's salary to $100,000 to $300,000 from $98,000 in order to attract top candidates.
Steve Costabile, senior investment officer for alternative investments, left PRIM in July to join a private equity operation at Credit Suisse First Boston in New York; his position at PRIM is still open at year-end 1998.
Defined benefit managers:
Domestic equities: Brown Capital; Dimensional Fund Advisors; Fidelity; Lazard; MFS; Numeric Investors; Putnam; Rosenberg Institutional; State Street Global.
International equities: Capital Guardian; Marathon Asset Management; Pareto; State Street Global; Putnam.
Emerging markets equities: Capital International; Emerging Markets; Schroder.
Domestic fixed-income: BGI; Fidelity; GW Capital; Froley, Revy; Putnam; Turner.
Real estate: INVESCO; LaSalle; Lend Lease; RREEF; John McStay; AEW; Allegis Realty; Boston Financial Group; Capital Associates Realty; Heitman/JMB; John Hancock; L&B; SSR; Sierra Capital; Westmark Realty.
Defined contribution managers:
Domestic equities: Fidelity; Putnam; AIM; Vanguard; Calvert.
International equities: Templeton.
The defined benefit master trustee/custodian and global custodian is State Street Bank.
Key personnel overseeing the investment management of the defined benefit plan are R. Scott Henderson, executive director; Sally Dungan, deputy chief investment officer; and George Wilson, senior real estate investment officer. Mr. Henderson and Ms. Dungan oversee the defined contribution plan.
