National Electrical Benefit Fund
($ millions)
Total assets 8,485
Defined benefit 7,691
Total defined contribution 794
Employer DB contributions 275
Benefit payments 360
Total DC contributions 70
The fund uses:
Stock index futures
Fixed-income futures
Defined benefit asset mix:
Domestic stocks 50%
Domestic fixed income 38%
Cash equivalents 2%
Real estate equity 8%
Mortgages 2%
Defined contribution asset mix:
Stock 34%
Fixed income 35%
Stable value 11%
Cash equivalents 10%
Real estate equity 10%
WASHINGTON -- As of Sept. 30, the National Electric Benefit Fund's total employee benefit assets increased 8% from a year earlier. Defined benefit assets increased 7.5% during the same period; defined contribution assets increased 12.3%.
Employer contributions to the defined benefit plan increased 17.5%; benefits paid increased 6.5%.
The master trustee/custodian for both plans is Mellon Trust.
The key person overseeing the investment management of both funds is Terry Moloznik, executive director-investments.
National Rural Electric Cooperative Association
($ millions)
Total assets 5,107
Defined benefit 3,050
Total defined contribution 2,057
401(k)/457 1,993
Employer DB contributions 137
Benefit payments 263
Total DC contributions 131
Internally managed assets:
Defined benefit 1,099
Defined contribution 1,273
Defined benefit asset mix:
Domestic stocks 59%
Foreign stocks 10%
Domestic fixed income 28%
Cash equivalents 3%
Defined contribution asset mix:
Stocks 71%
Fixed income 20%
Cash equivalents 9%
ARLINGTON, Va. -- As of Sept. 30, the National Rural Electric Cooperative Association's total employee benefit assets were flat compared with a year earlier. Defined benefit assets decreased 1.5% during the same period; defined contribution assets increased 1%.
Employer contributions to the defined benefit plan decreased 4%; benefits paid increased 10.5%.
Defined benefit managers:
Domestic equities: Capital Guardian; Chesapeake; Barrow, Hanley.
International equities: J.P. Morgan; Grantham, Mayo.
Domestic fixed-income: Lincoln Income Group.
Defined contribution managers:
Domestic equities: Grantham, Mayo.
International equities: State Street Global.
Domestic fixed-income: Lincoln Income Group.
The master trustee/custodian and global custodian for both plans is State Street Bank.
Key personnel overseeing investment management of the funds are Peter R. Morris, executive director, investments; Stuart Teach, senior equity portfolio manager; Douglas Kern, senior fixed-income portfolio manager.
Nebraska State Retirement Systems
($ millions)
Total assets* 4,412
Defined benefit 3,689
Total defined contribution 723
*P&I estimate
Defined benefit asset mix:
Domestic stocks 50%
Foreign stocks 8%
Domestic fixed income 42%
LINCOLN, Neb. -- As of Sept. 30, Pensions & Investments estimates the employee benefit assets of the Nebraska Investment Council, which oversees the Nebraska State Retirement Systems, to be $4.4 billion. The estimate is based on the $4.7 billion the council reported as of June 30 in the 1999 Money Market Directory.
In November, the fund terminated KPM Investment Management as a manager of more than $100 million of U.S. equities for the defined contribution plan. KPM continued, on probation, as a manager of $80 million for Nebraska's defined benefit plan.
Defined benefit managers:
Domestic equities: Alliance; Brinson; BGI; FNB Omaha; Ariel; KPM; Husic.
International equities: Alliance; Rowe Price-Fleming.
Domestic fixed-income: FNB Omaha; America First; Morgan; BlackRock; Brinson; PIMCO.
Defined contribution managers:
Domestic equities: State Street Global.
International equities: T. Rowe Price.
Domestic fixed-income: State Street Global.
The defined benefit and defined contribution master trustee/custodian and global custodian is State Street.
The key person overseeing the investment management of both funds is Rex W. Holsapple, state investment officer.
Public Employees Retirement System of Nevada
($ millions)
Total assets 10,664
Defined benefit 10,664
Employer DB contributions 518
Benefit payments 309
The fund uses:
Stock index futures
Defined benefit asset mix:
Domestic stocks 29.7%
Foreign stocks 7.4%
Domestic fixed income 41.8%
Foreign fixed income 11.1%
Cash equivalents 0.1%
Private equity 1.0%
Real estate equity 8.9%
CARSON CITY, Nev. -- As of Sept. 30, the Public Employees Retirement System of Nevada total employee benefit assets, all defined benefit, increased 11% from a year earlier.
Employer contributions to the plan increased 10%; benefits paid increased 3%.
During the past year, the fund hired J&W Seligman as a value equity manager. The Nevada fund also filed for a redemption request with two other pension funds from The Core Property Trust. Four pension funds invested $170 million in the real estate trust, which has not yet been liquidated.
Defined benefit managers:
Domestic equities: Alliance; Atlanta; BGI; J&W Seligman; Loomis Sayles.
International equities: Axe Houghton.
Domestic fixed-income: Bradford & Marzec; Dresdner RCM; Patterson Capital; Payden & Rygel; Nicholas-Applegate; State Street Research.
International fixed-income: Baring; Brinson.
Real estate: INVESCO; L&B; PM Realty.
Other: Pathway Capital.
The master trustee/custodian and global custodian is Bank of New York.
Key personnel overseeing the investment management of the fund are Laura Wallace, investment officer; and Ken Lambert, analyst.
New Jersey Division of Investment
($ millions)
Total assets 63,324
Defined benefit 62,614
Total defined contribution 710
401(k)/457 707
Employer DB contributions 560
Benefit payments 2,749
Total DC contributions 76
Internally managed assets:
Defined benefit 62,614
Defined contribution 707
Defined benefit asset mix:
Domestic stocks 47.0%
Foreign stocks 12.7%
Domestic fixed income 24.4%
Foreign fixed income 5.0%
Cash equivalents 6.7%
Mortgages 4.2%
Defined contribution asset mix:
Stock 67.8%
Fixed income 17.1%
Cash equivalents 15.1%
TRENTON, N.J. -- As of Sept. 30, the New Jersey Division of Investment's total employee benefit assets increased 5.6% from a year earlier. Defined benefit assets increased 6% during the same period; defined contribution assets decreased 14%.
Employer contributions to the defined benefit plan decreased 83%; benefits paid increased 10%.
During the past year, the fund got a new director when Roland Machold retired after 23 years. Steven E. Kornrumpf was appointed director in October.
In July, the fund became involved in the movement to get Swiss banks to pay money owed to Holocaust victims, saying it wouldn't invest any more money in Swiss corporations. It had $400 million invested in Swiss companies.
The defined benefit master trustees/custodians are CoreStates, First Union and Bankers Trust; the global custodian is Bankers Trust. The defined contribution master trustee/custodian is PNC Bank.
Key personnel overseeing the investment management of the fund are Mr. Kornrumpf; Gilles Michel, assistant director; and Maneck Kotwal, investment officer. Overseeing the defined contribution plan are Messrs. Kornrumpf and Kotwal, and Karin Hollinger, portfolio manager.
