CIGNA Corp.
($ millions)
Total assets 4,369
Defined benefit 2,405
Total defined contribution 1,964
401(k)/457 1,764
Internally managed assets:
Defined benefit 2,110
Defined contribution 1,123
Defined benefit asset mix:
Domestic stocks 47%
Foreign stocks 17%
Domestic fixed income 25%
Real estate equity 11%
Defined contribution asset mix:
Company stock 12%
Other stock 36%
Stable value 52%
PHILADELPHIA -- As of Sept. 30, CIGNA Corp.'s total employee benefit assets increased 6.8% from a year earlier. Defined benefit assets decreased 3.1% during the same period; defined contribution assets increased 22%.
During the past year, the fund converted its traditional defined benefit plan into a cash balance plan to give new and younger employees more visible and portable retirement options, according to a June 1 P&I article. Some 26,000 of CIGNA's 40,000 U.S. employees will be covered by the cash balance plan, which allows employees to take their account balances with them from job to job.
Defined benefit managers:
Domestic equities: BGI.
Defined contribution managers:
Domestic equities: Fidelity; State Street; Warburg-Pincus; Founders; BGI.
International equities: Templeton.
Mellon Bank is master trustee/custodian for the defined contribution plan.
CitiGroup
($ millions)
Total assets 13,138
Defined benefit 6,800
401(k)/457 6,338
Employer DB contributions 60
Benefit payments 95
Total DC contributions 384
Internally managed assets:
Defined benefit 3,000
Defined contribution 3,800
The fund uses:
Stock index futures
Fixed-income futures
Short selling
Defined benefit asset mix:
Domestic stocks 42.3%
Foreign stocks 10.2%
Domestic fixed income 33.2%
Foreign fixed income 1.9%
Cash equivalents 5.7%
Real estate equity 5.3%
Hedge funds 1.4%
Defined contribution asset mix:
Company stock 35%
Other stock 37%
Fixed income 5%
Stable value 19%
Lifestyle funds 4%
NEW YORK -- As of Sept. 30, CitiGroup's total employee benefit assets increased 22.7% relative to the total of Citibank and Travelers' premerger assets from a year earlier.
Defined benefit assets increased 3.7% during the same period; defined contribution assets increased 52.6%.
During the past year, CitiCorp and Travelers Group merged to form CitiGroup, one of the nation's largest investment organizations. At the time of the proposed merger, P&I reported in an April 20 article that a transition team for the two companies had met, but no decision had been made to integrate the respective pension plans. Complications, such as differences in the funds' investment profiles and sorting out the separate plans offered to Travelers' subsidiaries, still have to be addressed.
Defined benefit managers:
Domestic equities: INVESCO; Snyder.
Domestic fixed-income: INVESCO.
Real estate: RREEF.
Defined contribution managers:
Domestic equities: INVESCO, State Street.
International equities: Dimensional Fund Advisors, State Street.
Domestic fixed-income: INVESCO.
Overseeing the investment management of the fund are Marc Weil, senior executive vice president; and vice presidents Ron Walter, Louis Ferrante and Cam Amenedo. Messrs. Weil, Walter and Ferrante also oversee the defined contribution plan.
Public Employees Retirement Association of Colorado
($ millions)
Total assets 23,870
Defined benefit 23,558
401(k)/457 312
Employer DB contributions 431
Benefit payments 751
Total DC contributions 49
Internally managed assets:
Defined benefit 14,846
Defined contribution 140
The fund uses:
Stock options
Fixed-income futures
Defined benefit asset mix:
Domestic stocks 55.2%
Foreign stocks 13.5%
Domestic fixed income 11.2%
Foreign fixed income 1.8%
Cash equivalents 2.3%
Private equity 7.5%
Real estate equity 7.2%
Mortgages 1.3%
Defined contribution asset mix:
Stock 79%
Fixed income 18%
Other 3%
DENVER -- As of Sept. 30, Public Employees Retirement Association of Colorado's total employee benefit assets increased 2.6% from a year earlier. Defined benefit assets increased 2.3% during the same period; defined contribution assets increased 23%.
Employer contributions to the defined benefit plan and benefits paid remained the same as the year before.
During the past year, the fund joined the Florida State Board of Administration and sued Oxford Health Plans, alleging fraud and insider trading. In April, the fund replaced Fidelity's Contra equity fund because the Fidelity fund stopped investing in small-cap stocks.
Defined benefit managers:
Domestic equities: Denver Investment Advisors; Janus Capital; Alliance.
International equities: Alliance; Bankers Trust; Baring; BEA; Brinson; BlackRock; Morgan Grenfell; Nomura; Philippe; Schroder.
Domestic fixed-income: LM; TCW.
International fixed-income: Julius Baer.
Real estate: Equitable; Heitman; INVESCO Realty; L&B; LaSalle Partners; Prudential; Apollo; Blackstone Alternative Asset; Phoenix Realty; Goldman Sachs; Hometown America; Koll/Bren; Lazard Freres; LBK Apartment; Lincoln Nasher; MGA; Morgan Stanley Realty; Pacific Retail Trust; PRISA; Savoy Group; Schroder Asian Properties; Security Capital Global Realty; Rocky Mountain; Security Capital; Sunshine Distribution; TCW; The Village Apartments; Equity Office Properties Escrow.
Venture Capital: Accel; Brantley; Centennial; Colorado Venture; Columbine; Franklin Capital; Gateway; Geocapital; Grotech; Hancock; Mohr, Davidow; Morgan Holland; Nazem; Phillips; Sequel; Warburg-Pincus.
LBO: Apollo; Beacon; Blackstone Capital; Cypress Merchant Banking; DLJ Merchant Banking; Equitable; Forstmann-Little; Hicks Muse; Joseph Littlejohn & Levy; Lehman Brothers Merchant Banking; Rocky Mountain; AIG Global; Asia Pacific; CVC; Doughty Hanson; Euroknights; Harbourvest International; HMTF; HSBC: Phoenix; Warburg-Pincus; Westsphere; Hancock Timber Resource Group.
Defined contribution managers:
Domestic equities: Dodge & Cox; Fidelity.
International equities: American Funds International.
Domestic fixed-income: PIMCO.
The master trustee/custodian and global custodian for both plans is Northern Trust.
Key personnel overseeing the investment management of the fund are Norman Benedict, deputy executive director for investments; Bud Cosby, director of equities; and Ken Mokray, director of fixed income. Messrs. Benedict and Cosby also oversee the defined contribution plan.
