ILWU-PMA Benefit Funds
($ millions)
Total assets* 4,195
Defined benefit 4,195
* P&I estimate
SAN FRANCISCO -- As of Sept. 30, Pensions & Investments estimates the employee benefit assets of the International Longshoremen's and Warehouse Union -- Pacific Maritime Association Benefit Plans' totaled $4.195 billion. The estimate is based on the $3.662 billion the company reported as of June 30, 1997, in Money Market Directory. The key person overseeing the investment management of the fund is Hollis Greenwood, executive director.
Los Angeles City Employees' Retirement System
($ millions)
Total assets 6,009
Defined benefit 6,009
Employer DB contributions 117
Benefit payments 267
Internally managed assets:
Defined benefit 260
The fund uses:
Stock index futures.
Defined benefit asset mix:
Domestic stocks 41.2%
Foreign stocks 18.5%
Domestic fixed income 28.2%
Foreign fixed income 8.3%
Cash equivalents 0.2%
Private equity 1.1%
Real estate equity 1.7%
Mortgages 0.8%
LOS ANGELES -- As of Sept. 30, Los Angeles City Employees' Retirement System's total employee benefit assets, all defined benefit, decreased 5% from a year earlier.
Employer contributions to the plan increased 3.5%; benefits paid increased 18%.
During the past year, the fund established a new asset allocation. Under the new targets, real estate was increased to 5% from 3%; and alternative investments to 5% from 3%. A number of categories were decreased: global bonds to 6% from 7%; domestic bonds to 24% from 24.5%; emerging markets equity to 3.5% from 5%; and cash, to 0.5% from 1.5%.
Defined benefit managers:
Domestic equities: BGI; RhumbLine; J.P. Morgan; Paradigm; Loomis, Sayles; Valenzuela; Thomson; DFA; Fiduciary Capital; Oak Associates; Alliance.
International equities: State Street Global Advisors; Schroders; Templeton Investment Counsel; Daiwa International; Capital Guardian.
Domestic fixed-income: Lincoln; Loomis, Sayles.
Global fixed-income: Morgan Grenfell Asset.
Real estate: CB Commercial.
The defined benefit master trustee/custodian and global custodian is Northern Trust.
Key personnel overseeing the investment management of the fund are Oscar Peters, general manager; Dan Gallagher, chief investment officer; Wayne Ige, investment officer; Rod June, investment officer; and Josie Enriques, investment analyst.
Los Angeles County Employees Retirement Association
($ millions)
Total assets 23,523
Defined benefit 23,523
Employer DB contributions 9
Benefit payments 927
Defined benefit asset mix:
Domestic stocks 32.8%
Foreign stocks 14.9%
Domestic fixed income 32.3%
Foreign fixed income 7.2%
Cash equivalents 0.4%
Private equity 2.8%
Real estate equity 9.6%
PASADENA, Calif. -- As of June 30, the Los Angeles County Employees Retirement Association's total employee benefit assets, all defined benefit, increased 4.4%. Employer contributions decreased 93%; benefits paid increased 6%.
In December, the fund changed its international equity benchmark to the Morgan Stanley Capital International All Country World index ex-U.S., from the EAFE. The change was made because fund officials were looking for a broader benchmark that included emerging markets.
The fund also filed an amicus brief in a suit filed by CalPERS and the Florida State Board of administration that contended a shareholder objecting to a proposed settlement or dismissal of a derivative suit has the right to appeal without joining directly in a suit as a plaintiff.
Defined benefit managers:
Domestic equities: Bankers Trust; Putnam Investment; Delta; Oak; Capital Guardian; ICM; Putnam Advisory.
International equities: Bankers Trust; GAM International; Capital Guardian; Schroder Capital; Emerging Markets Growth; Phillips & Drew.
Domestic fixed-income: American Express; BlackRock; Dodge & Cox; J.P. Morgan; Loomis, Sayles; Miller Anderson & Sherrerd; Western Asset; Oaktree; Scudder; Bankers Trust.
International fixed-income: Brinson; Morgan Grenfell; Capital Guardian; J.P. Morgan.
Real estate: Clarion Partners; Lend Lease; Heitman/JMB; Public Storage; INVESCO Realty; L&B; RREEF; Sarofim Realty; Sentinel; Shurgard; T.A. Associates; Trammell Crow Ventures; TCW Realty.
Other managers: Accel; Apollo; Aurora; Beacon; Behrman; Berkshire; Blackstone; Brinson; Bruckman Rosser; Cardinal Health Care; Churchill Capital; Copley; Cornerstone; CVC European; Cypress Merchant Banking; DLJ Merchant Banking; Enterprise Partners; GeoCapital; GKH; GS Capital; HarbourVest; Information Technology Ventures; KKR; Kidd Kamm; Questor Partners; Kleiner Perkins Caufield; Landmark Equity; Levine Leichtman; Lexington Capital; McCown De Leeuw; Media Communications; Prudential Venture; Oak Investment; Phillips-Smith; Prospect Venture; Quad-C Partners; Ripplewood Partners; RSTW Partners; Sevin Rosen; Sprout Capital; Summit Ventures; Syndicated Communications; 1818; Thomas H. Lee; TPG Partners; Vestar Equity; Warburg-Pincus; Welsh Carson; Whitman Heffernan & Rhein; Worldview Technology; Progress Investment; Northern Trust Global.
The global custodian is Mellon Trust.
Key personnel overseeing the investment management of the fund are Kenneth L. Shaffer, chief investment officer, and Lisa Mazzocco, principal investment officer.
Los Angeles Fire & Police Pension System
($ millions)
Total assets 9,452
Defined benefit 9,452
Employer contributions 248
Benefit payments n/a
Internal assets 300
Defined benefit asset mix:
Domestic stocks 48%
Foreign stocks 9%
Domestic fixed income 35%
Cash equivalents 3%
Private equity 1%
Real estate equity 4%
LOS ANGELES -- As of Sept. 30, the Los Angeles Fire & Police Pension System's total employee benefit assets, all defined benefit, was flat from a year earlier.
Employer contributions to the defined benefit plan decreased 18.6%.
During the past year, the fund conducted an asset allocation study and the board is awaiting results.
Defined benefit managers:
Domestic equities: Alliance; Amerindo; Boston Partners; Brown; CIC; Delta; Daruma; Frontier; Loomis, Sayles.
International equities: Brandes; Invista; Oechsle.
Domestic fixed-income: Capital Guardian; Reams; Loomis, Sayles; Lincoln; HCM; GEM; Magten; Smith, Graham.
Real estate: Heitman; Lowe; RREEF.
Real estate equity-pooled: Lend Lease; Sentinel; PSI; Oaktree; AEW.
The master trustee/custodian and global custodian plan is Bankers Trust.
Key personnel overseeing the investment management of the fund are Gary Mattingly, general manager; Tom Lopez, chief investment officer; and Steve Ballweber, investment officer.
Los Angeles Water & Power Employees' Retirement Plan
($ millions)
Total assets* 5,589
Defined benefit 5,589
Employer DB contributions 124
Benefit payments n/a
* as of June 30
Internally managed assets 671
The fund uses:
Stock options
Swaps
Defined benefit asset mix:
Domestic stocks 63%
Domestic fixed income 31%
Foreign fixed income 1%
Mortgages 5%
LOS ANGELES -- As of June 30, the Los Angeles Water & Power Employees' Retirement Plan's total employee benefit assets, all defined benefit, increased 20% from a year earlier.
Employer contributions to the plan increased 16%.
During the past year, Kathleen Thornton, assistant retirement plan manager, retired.
Defined benefit managers: TCW; Boston Co.; Highmark Capital.
The master trustee/custodian and global custodian is BNY Western Trust Co.
The key person overseeing the investment management of the fund is Rodelio R. Abarro, investment officer.
Louisiana State Employees' Retirement System
($ millions)
Total assets 5,054
Defined benefit 5,054
Employer DB contributions 220
Benefit payments 392
The fund uses:
Stock index futures
Short selling
Defined benefit asset mix:
Domestic stocks 35.3%
Foreign stocks 13.3%
Domestic fixed income 27.5%
Foreign fixed income 9.8%
Private equity 1.5%
Real estate equity 1.8%
Other 10.8%
BATON ROUGE, La. -- As of Sept. 30, the Louisiana State Employees' Retirement System's total benefit assets, all defined benefit, decreased 3%.
Employer contributions to the plan increased 6.8%; benefits paid increased 6%.
Late in '98, the fund hired Invista Capital as its first international small-cap value equity manager, to manage 1% of the fund. The fund also hired HarbourVest to manage $75 million in a private equity fund of funds and committed $50 million to a merger arbitrage hedge fund run by Halcyon/Alan B. Slifka.
Defined benefit managers:
Domestic equities: American Express; Fayez Sarofim; Loomis, Sayles; Miller, Anderson & Sherrerd; JMC; Brandywine; Thomson, Horstmann & Bryant; TCW; State Street Global.
International equities: Delaware International; Schroder; Templeton International.
Domestic fixed-income: Loomis, Sayles; Orleans; TCW; Huff; OFFITBANK.
International fixed-income: Delaware; Morgan Grenfell.
Real estate: Lend Lease; Heitman/JMB; L&B Real Estate Council; Metropolitan Life; Westmark Realty Advisors.
TAA: INVESCO.
Venture capital: Brinson; Pacific Corporate Group.
The master trustee/custodian and global custodian is State Street Bank.
Key personnel overseeing the investment management of the fund are Robert L. Borden, chief investment officer, and Philip Griffith, senior portfolio analyst.
Teachers' Retirement System of Louisiana
($ millions)
Total assets* 10,821
Defined benefit 10,821
Employer DB contributions 422
Benefit payments 664
*as of June 30, 1998
Internally managed assets 85
The fund uses:
Stock options
Swaps
Defined benefit asset mix:
Domestic stocks 48%
Foreign stocks .13%
Domestic fixed income .15%
Foreign fixed income 10%
Cash equivalents .8%
Private equity .6%
BATON ROUGE -- As of June 30, the Teachers' Retirement System of Louisiana's total employee benefit assets, all defined benefit, increased 24.8% from a year earlier.
Employer contributions to the plan increased 9%; benefits paid increased 6.2%.
In November, the fund hired three large-cap value domestic equity managers -- LSV, J.&W. Seligman and Scudder Kemper -- assigning each $200 million. The fund also hired Bankers Trust as its domestic and global custodian, replacing City National Bank and Chase Manhattan, respectively. Fund officials said they wanted to consolidate the jobs with one bank.
The fund also was one of three Louisiana state funds to seek an increase in its equity exposure. Under a bill introduced last March, the funds would have been able to increase equity holdings to 70% of total assets from 55%, with several conditions.
The fund also agreed to a proposal by the state treasurer to form a task force with the other three major state retirement system to study economically targeted investments in the state.
Defined benefit managers:
Domestic equities: STI; Liberty; Furman Selz; Smith Asset; Atlanta Capital; Brinson; Boston Co.; Mississippi Valley; Scudder Kemper; TCW Asset; Fleet Financial; NM Capital; J.& W. Seligman; LSV; RhumbLine Advisers; Mellon Equity; Harbor Capital.
International equities: Scudder, Stevens & Clark; Smith Barney; WorldInvest; TT International; Invista Capital Management.
Domestic fixed-income: TCW; Fountain Capital; Nicholas-Applegate; Wellington Management; MacKay-Shields Financial; Back Bay Advisors; Loomis, Sayles.
Global fixed-income: Rogge; Strategic Fixed-Income; Delaware.
Private equities: Apollo; Brera Capital Partners; Cinven; DLJ Real Estate Capital; Doughty Hanson; Hicks Muse Tate & Furst; ING Realty Partners; Olympus Real Estate; Starwood Capital Group; Warburg, Pincus Equity Partners; Westbrook Real Estate Partners.
The master custodian and global custodian is Bankers Trust.
Key personnel overseeing the investment management of the fund are James P. Hadley Jr, director; and Dan H. Bryant, chief investment officer.
LTV Corp.
($ millions)
Total assets 4,031
Defined benefit 2,861
Total defined contribution 1,170
Employer DB contributions n/a
Benefit payments n/a
CLEVELAND -- As of Sept. 30, LTV Corp.'s total employee benefit assets decreased 2.5% from a year earlier. Defined benefit assets decreased 9.4% during the same period; defined contribution assets increased 19.6%.
The master trustee/custodian and global custodian is Mellon Bank.
Key personnel overseeing the investment management of the fund are John C. Skurek, vice president and treasurer; and Susan C. Leathers, assistant treasurer and senior director-investments.
Lucent Technologies
($ millions)
Total assets 49,828
Defined benefit 36,191
401(k)/457 13,637
Employer DB contributions n/a
Benefit payments n/a
Total DC contributions n/a
The fund uses:
Stock options
Bond options
Stock index futures
Fixed-income futures
Defined benefit asset mix:
Domestic stocks 45%
Foreign stocks 13%
Domestic fixed income 26%
Private equity 8%
Real estate equity 8%
Defined contribution asset mix:
Company stock 35%
Other stock 44%
Stable value 19%
Cash equivalents 2%
MURRAY HILL, N.J. -- As of Sept. 30, Lucent Technologies' total employee benefit assets increased 3% from a year earlier. Defined benefit assets increased less than 1% during the same period; defined contribution assets increased 10%.
During the past year, Collette Chilton, previously at Massachusetts PRIM, became chief investment officer of the Lucent pension plan. In the third quarter Lucent took control of its pension plan from AT&T and hired Northern Trust as its global custodian.
On Nov. 7, Florence L. "Meg" Walsh, vice president and treasurer of Lucent, died at age 37.
Also in November, former AT&T employees who joined Lucent awaited a decision from the U.S. Court of Appeals for the District of Columbia in a dispute over how AT&T's surplus pension assets were divided. Also, the decision in a case before the Supreme Court involving Hughes Aircraft and the distribution of surplus pension fund assets could have a bearing on the Lucent case.
The defined benefit master trustee/custodian and global custodian is Northern Trust. The defined contribution master trustee/custodian and global custodian is Fidelity.
Key personnel overseeing the investment management of the defined benefit fund are Ms. Chilton; Carol Boykin, deputy chief investment officer, Mauricia Geissler, director of public markets; Mark Handsman, director of administration; Linda Lynch, director of private equity; and Dennis Martin, director of real estate. Overseeing the defined contribution plan are Kathleen DeCou, retirement plans director, and Ms. Geissler.
