Bakery and Confectionery Union and Industry International Pension Fund
($ millions)
Total assets 5,000
Defined benefit 5,000
* DEFINED BENEFIT PLAN:
Employer contributions 159
Benefit payments 395
Asset mix:
Domestic stocks 48.5%
Domestic fixed income 41.4%
Foreign stocks 4.1%
Foreign fixed income 3.2%
Cash equivalents 2.2%
Private equity 0.6%
KENSINGTON, Md. - As of Sept. 30, the Bakery and Confectionery Union and Industry International Pension Fund's total employee benefit assets - all defined benefit - decreased 14% from a year earlier.
Employer contributions were virtually unchanged; benefits paid increased 11%.
DEFINED BENEFIT MANAGERS:
Domestic equities: Alliance; Bear Stearns; Columbus Circle; Lazard Freres; Schroder Investment; Systematic Financial; Voyageur; Amalgamated Bank of New York.
International equities: Lazard Freres.
Domestic fixed-income: Loomis Sayles; Stein, Roe & Farnham; BGI; MetLife.
International fixed-income: Lazard Freres.
Real estate: AFL-CIO Housing Investment Trust; AFL-CIO Building Investment Trust; Multi-Employer Development Partners; Multi-Employer Property Trust.
Private equity: Congress Asset Management.
Marco Consulting Group is the investment consultant.
Key personnel overseeing the investment management of the plan are Robert J. Bergin, executive director, and Robert D. Martin, manager, administrative services.
Bank of America
($ millions)
Total assets 12,900
Defined benefit 7,600
Defined contribution 5,300
* DEFINED BENEFIT PLAN:
Assets in all hybrid plans 7,600
Assets in cash balance plans 7,600
Employer contributions 0
Benefit payments 645
Asset mix:
Sponsoring company stock 9.0%
Other domestic stocks 48.2%
Domestic fixed income 28.0%
Foreign stocks 10.4%
Cash equivalents 0.5%
Private equity 1.8%
Real estate equity 2.1%
Internally managed assets 3,420
* DEFINED CONTRIBUTION PLAN:
Assets in corporate 401(k) 5,300
Internally managed assets 5,300
Total contributions 360
Asset mix:
Sponsoring company stock 52%
Other stock 28%
Fixed income 4%
Stable value 16%
CHARLOTTE, N.C. - As of Sept. 30, Bank of America's total employee benefit assets decreased 12.9% from a year earlier. Defined benefit assets decreased 19.6% during the same period; defined contribution assets decreased 1.2%.
Employer contributions to the defined benefit plan remained at zero; benefits paid increased 5.7%.
DEFINED BENEFIT MANAGERS:
Domestic equities: Chicago Equity; Sound Capital; PIMCO; Mellon; Alliance; BGI; Numeric; Camden; Montgomery Asset; Progress; LSV.
International equities: Oechsle; State Street; Delaware.
Domestic fixed-income: PIMCO; Western Asset.
Real estate: SSR Realty Advisors.
Other: KKR/Pantheon.
The investment consultant for both plans is Callan Associates.
Bank One Corp.
($ millions)
Total assets 5.299
Defined benefit 2,582
Defined contribution 2,714
* DEFINED BENEFIT PLAN:
Assets in all hybrid plans 2,585
Assets in cash balance plans 2,585
Employer contributions 0
Benefit payments 414
Asset mix:
Sponsoring company stock 2%
Other domestic stocks 42%
Domestic fixed income 41%
Foreign stocks 8%
Cash equivalents 1%
Private equity 6%
Internally managed assets 2,510
* DEFINED CONTRIBUTION PLAN:
Assets in corporate 401(k) 2,714
Internally managed assets 1,221
Total contributions 283
Asset mix:
Sponsoring company stock 37%
Other stock 45%
Fixed income 5%
Stable value 13%
CHICAGO - As of Sept. 30, Bank One Corp.'s total employee benefit assets decreased 23% from a year earlier. Defined benefit assets decreased 22% during the same period; defined contribution assets decreased 23%.
Employer contributions to the defined benefit plan remained at zero; benefits paid increased 41%.
DEFINED BENEFIT MANAGER:
Private equity: UBS Brinson.
DEFINED CONTRIBUTION MANAGER: Putnam.
Key personnel overseeing the investment management of both plans are John Abu Nassar, national director-institutional asset management, and David Kundert, chief executive officer, Banc One Investment Advisors.
Bechtel Power Corp.
($ millions)
Total assets 5,864
Defined contribution 5,864
* DEFINED CONTRIBUTION PLAN:
Assets in corporate 401(k) 5,864
Total contributions 77
Asset mix:
Stock 65.6%
Fixed income 32.7%
Cash equivalents 1.7%
SAN FRANCISCO - As of Sept. 30, Bechtel Power Corp.'s total employee benefit assets - all in defined contribution - were $5.864 billion.
DEFINED CONTRIBUTION MANAGERS:
Domestic equities: Mellon; Kern Capital; Sit.
International equities: Bee; Capital Guardian; Delaware.
Domestic fixed-income: BGI; PIMCO; Bridgewater.
International fixed-income: BGI; PIMCO; Bridgewater.
Key personnel overseeing the investment management of the plan are Nancy Tengler, Pete Landini and Ken Copa.
BellSouth Corp.
($ millions)
Total assets 25,046
Defined benefit 16,208
Defined contribution 8,838
* DEFINED BENEFIT PLAN:
Employer contributions 0
Benefit payments 1,761
Asset mix:
Domestic stocks 36.1%
Domestic fixed income 21.5%
Foreign stocks 17.1%
Cash equivalents 1.9%
Private equity 11.9%
Real estate equity 7.4%
Other 4.1%
* DEFINED CONTRIBUTION PLAN:
Assets in corporate 401(k) 8,838
Total contributions 357
Asset mix:
Sponsoring company stock 66.2%
Other stock 12.6%
Fixed income 2%
Stable value 16.8%
Cash equivalents 0.4%
Other 2%
ATLANTA - As of Sept. 30, BellSouth Corp.'s total employee benefit assets decreased 14% from a year earlier. Defined benefit assets decreased 20% during the same period; defined contribution assets decreased 2%.
Employer contributions to the defined benefit plan remained at zero; benefits paid increased 101%.
During the past year, the fund was among several that were either considering hedge fund investments or had hired hedge fund managers. In addition, BellSouth was among the companies rated the most friendly towards minorities by Fortune magazine in its annual survey.
Key personnel overseeing the investment management of both plans are Kincaid Patterson, managing director-trust asset management; Al Gasiorek, executive director-trust investments; and Tom Harvey, director-public market group.
Bethlehem Steel Corp.
($ millions)
Total assets 5,538
Defined benefit 4,566
Defined contribution 972
* DEFINED BENEFIT PLAN:
Employer contributions 0
Benefit payments 587
Asset mix:
Domestic stocks 62%
Domestic fixed income 31%
Foreign stocks 2%
Cash equivalents 5%
Internally managed assets 2,947
* DEFINED CONTRIBUTION PLAN:
Assets in:
Corporate 401(k) 819
401(a) 153
Total contributions 52
Asset mix:
Sponsoring company stock 2%
Other stock 50%
Stable value 47%
Other 1%
BETHLEHEM, Pa. - As of Sept. 30, Bethlehem Steel Corp.'s total employee benefit assets decreased 25% from a year earlier. Defined benefit assets decreased 25% during the same period; defined contribution assets decreased 25% as well.
Employer contributions to the defined benefit plan dropped to zero from $8 million; benefits paid increased 4%.
DEFINED BENEFIT MANAGER:
International equities: Putnam.
DEFINED CONTRIBUTION MANAGER: Fidelity.
The investment consultant for the defined contribution plan is Fidelity.
Overseeing the investment management of the defined benefit plan is J. Gerard Mead, pension fund manager. Overseeing the defined contribution plan are M. T. Dopera, manager-pension plans, and L.F. Nicharot, tax counsel.
Boeing Co.
($ millions)
Total assets* 57,940
Defined benefit 37,690
Defined contribution 20,250
*P&I estimate
CHICAGO - As of Sept. 30, Boeing Co.'s total employee benefit assets decreased an estimated 11% from a year earlier. Defined benefit assets decreased an estimated 8% during the same period; defined contribution assets decreased an estimated 17%. The estimate is based on the $65.2 billion the company reported as of Sept. 30, 2000, in Pensions & Investments, and from the company's annual report.
In September, Boeing relocated its corporate headquarters, including its pension staff, to Chicago from Seattle, precipitating an almost complete change in its staff overseeing the investments of the retirement funds. Gary B. Bland, vice president-trust investments, who headed the pension staff, retired in August. Also, T. Michael Cappetto, director-trust investments, who oversaw equities, and Virginia Gilliam, administrator-trust investments, decided not to relocate. Of the small professional staff, only Jim Wadhwani, director-trust investments, who oversees fixed income, made the move; he was promoted to senior director-trust investments. Susan E. Manske was chosen as the head of the pension staff, replacing Mr. Bland. She had been the CIO of the Ameritech Corp. pension fund, leaving after the company was acquired by SBC Communications Inc. in 1999. Others hired to join the newly relocated pension staff included: Eric J. Peterson, manager-fixed income, who had been a vice president and portfolio manager at Talon Asset Management; and Karen D. Watson, manager-equities, who had worked in a similar capacity at the Baxter International Inc. pension fund.
During the past year, the fund committed an undisclosed amount to the Greenbriar Equity Group's private equity fund, which specializes in transportation and related industries.
Boilermaker-Blacksmith National Pension Trust
($ millions)
Total assets 6,209
Defined benefit 5,667
Defined contribution 542
* DEFINED BENEFIT PLAN:
Employer contributions 142
Benefit payments 287
* DEFINED CONTRIBUTION PLAN:
Assets in union DC 542
Total contributions 73
KANSAS CITY, Kan. - As of Sept. 30, the Boilermaker-Blacksmith National Pension Trust's total employee benefit assets decreased 9% from a year earlier. Defined benefit assets decreased 12% during the same period; defined contribution assets increased 29%.
DEFINED BENEFIT MANAGERS:
Domestic equities: Atalanta/Sosnoff; Aeltus Investment; INTECH; Neuberger Berman; Lazard Asset; Fiduciary Management; Northern Trust Value.
International: Lazard Asset; Bank of Ireland.
Domestic fixed-income: Zurich Scudder; McMorgan; Financial Counselors; Atalanta/Sosnoff; HGK Asset; Loomis Sayles; SSgA; Columbia Management.
Real estate: J.P. Morgan; Lend Lease; Prudential Investments.
Balanced: McMorgan; TCW; Boyd Watterson.
Convertible bonds: Froley Revy; Calamos; TCW.
Cogeneration: TCW.
DEFINED CONTRIBUTION MANAGERS:
Domestic equities: SG Cowen; Lazard Freres; McMorgan.
Domestic fixed-income: Financial Counselors; TCW; McMorgan; Brotherhood Bank.
The investment consultant for both plans is Callan Associates.
The key person overseeing the investment management of both plans is David E. Hanson, financial director.
BP America Inc.
($ millions)
Total assets 13,090
Defined benefit 5,340
Defined contribution 7,750
* DEFINED BENEFIT PLAN:
Assets in all hybrid plans 5,340
Assets in cash balance plans 5,340
Employer contributions 0
Benefit payments 800
* DEFINED CONTRIBUTION PLAN:
Assets in corporate 401(k) 7,750
Total contributions 360
Asset mix:
Sponsoring company stock 45%
Other stock 16%
Fixed income 1%
Stable value 9%
Cash equivalents 11%
Other 18%
CHICAGO - As of Sept. 30, BP America Inc.'s total employee benefit assets decreased 22% from a year earlier. Defined benefit assets decreased 30% during the same period; defined contribution assets decreased 15%.
Employer contributions to the defined benefit plan remained at zero; benefits paid decreased 33%.
DEFINED BENEFIT MANAGERS:
Equities: Alliance Bernstein; Deutsche Asset; E.H. Capital Group; Franklin Portfolio; DSI; J.P. Morgan Fleming; Lazard Freres; Noddings Investment; Numeric Investors; RhumbLine; Salas Capital Management; SSI; Vanderbilt Capital; BGI; Wellington; SSgA; Westpeak; Capital Guardian.
Fixed income: J.P. Morgan; PIMCO; Seix; SSgA.
DEFINED CONTRIBUTION MANAGERS:
Domestic equities: Deutsche Asset; SSgA; BGI.
International equities: SSgA.
Domestic fixed income: Deutsche Asset; SSgA.
Key personnel overseeing the investment management of the defined benefit plan are Marvin L. Damsma, director, trust investments, the Americas; John S. Ruey, manager, trust investments, the Americas; and Mark E. Thompson, manager, investment strategy. Overseeing the defined contribution plan are Messrs. Damsma and Ruey.
Bristol-Myers Squibb Co.
($ millions)
Total assets 6,627
Defined benefit 2,778
Defined contribution 3,849
NEW YORK - As of Sept. 30, Bristol-Myers Squibb Co.'s total employee benefit assets decreased 13% from a year earlier. Defined benefit assets decreased 15% during the same period; defined contribution assets decreased 12%.
DEFINED BENEFIT MANAGERS:
Domestic equities: Montag & Caldwell, Wellington, ICAP, Iridian, Frontier, Skyline.
International equities: Silchester, Capital Guardian, Putnam.
Domestic fixed-income: Alliance, J.P. Morgan Fleming, Western.
Real estate: J.P. Morgan Fleming.
Defined benefit investment consultant is EAI.
The key person overseeing the investment management of both plans is Robert Chapman Jr., assistant treasurer.
