National Electrical Benefit Fund
($ millions)
Total assets 10,000
Defined benefit 8,800
Defined contribution 1,200
* DEFINED BENEFIT PLAN:
Employer contributions 379
Benefit payments 457
Asset mix:
Domestic stocks 49%
Domestic fixed income 35%
Cash equivalents 4%
Real estate equity 10%
Mortgages 2%
Internally managed assets 870
* DEFINED CONTRIBUTION PLAN:
Assets in union DC 1,200
Total contributions 117
Asset mix:
Stock 27%
Fixed income 44%
Stable value 5%
Cash equivalents 17%
Real estate 7%
WASHINGTON - As of Sept. 30, the National Electrical Benefit Fund's total employee benefit assets decreased 6% from a year earlier. Defined benefit assets decreased 7% during the same period; defined contribution assets increased 9%.
Employer contributions to the defined benefit plan increased 18%; benefits paid increased 9%.
During the past year, the fund entered into a joint venture with AMLI Residential Properties Trust to develop an apartment complex in Woodridge, Ill.
DEFINED BENEFIT MANAGERS:
Domestic equities: Boston Co.; Columbia Management; Columbia Partners; Barrow Hanley; Dimensional Fund Advisors; Loomis Sayles; Oppenheimer Capital; Strong Capital; ASB Capital.
Domestic fixed-income: Allied Investment Advisors; Boston Co.; Lazard Freres; Morgan Stanley; PIMCO; Payden & Rygel.
Real estate: ASB Capital; ULLICO; AFL-CIO Housing Investment Trust; LaSalle.
DEFINED CONTRIBUTION MANAGERS:
Domestic equities: ASB Capital; Turner Investment Partners; Mellon Capital.
Domestic fixed-income: CIGNA; PIMCO; HGK Asset Management; TFA-Smith Breeden; Sit; Payden & Rygel.
Real estate: AFL-CIO Building Investment Trust; MEPT.
The investment consultant for both plans is Marco Consulting.
Key personnel overseeing the investment management of the defined benefit plan are Terry Moloznik, executive director of investments, and Jeff Kanne, managing director of real estate. Overseeing the defined contribution plan is Mr. Moloznik.
National Rural Electric Cooperative Association
($ millions)
Total assets 5,463
Defined benefit 3,196
Defined contribution 2,267
* DEFINED BENEFIT PLAN:
Employer contributions 256
Benefit payments 384
Asset mix:
Domestic stocks 51%
Domestic fixed income 29%
Foreign stocks 11%
Cash equivalents 9%
Internally managed assets 1,397
* DEFINED CONTRIBUTION PLAN:
Assets in corporate 401(k) 2,267
Internally managed assets 1,067
Total contributions 57
Asset mix:
Stock 63%
Fixed income 17%
Cash equivalents 20%
ARLINGTON, Va. - As of Sept. 30, the National Rural Electric Cooperative Association's total employee benefit assets decreased 8% from a year earlier. Defined benefit assets decreased 6.6% during the same period; defined contribution assets decreased 11%.
DEFINED BENEFIT MANAGERS:
Domestic equities: Capital Guardian; Chesapeake; Barrow Hanley; Jennison.
International equities: Grantham Mayo; Mercator.
Domestic fixed-income: Lincoln Income Group.
Other: Saugatuck Partnership; RFE Partnerships
DEFINED CONTRIBUTION MANAGERS:
Domestic equities: Grantham Mayo.
International equities: SSgA.
Domestic fixed-income: Lincoln Income Group.
Key personnel overseeing the investment management of both plans are Peter Morris, vice president, chief investment officer; Stuart Teach, senior equity portfolio manager; and Douglas Kern, senior fixed-income manager.
Nebraska State Investment Council
($ millions)
Total assets 5,113
Defined benefit 4,201
Defined contribution 912
* DEFINED BENEFIT PLAN:
Employer contributions n/a
Benefit payments n/a
Asset mix:
Domestic stocks 45%
Domestic fixed income 42%
Foreign stocks 13%
* DEFINED CONTRIBUTION PLAN:
Asset mix:
Stock 47%
Fixed income 20%
Stable value 26%
Cash equivalents 7%
LINCOLN, Neb. - As of Sept. 30, the Nebraska State Investment Council's total employee benefit assets decreased 25% from P&I's estimate of assets a year earlier. Defined benefit assets decreased 26% during the same period; defined contribution assets decreased 15%.
DEFINED BENEFIT MANAGERS:
Domestic equities: Alliance Capital; Ariel; Barclays; DFA; Husic Capital; Westridge Capital.
International equities: Alliance Capital; Rowe Price International.
Domestic fixed-income: America First; BlackRock; Brinson Partners; First National Bank Omaha; J.P. Morgan; PIMCO.
DEFINED CONTRIBUTION MANAGERS:
Domestic equities: SSgA.
International equities: T. Rowe Price.
Domestic fixed-income: SSgA.
Stable Value: T. Rowe Price.
The investment consultant is Wilshire Associates for both plans.
Key personnel overseeing the investment management of the defined benefit plan and the defined contribution plan are Rex Holsapple, state investment officer, and Joe Jurich, investment analyst.
Public Employees Retirement System of Nevada
($ millions)
Total assets 12,825
Defined benefit 12,825
* DEFINED BENEFIT PLAN:
Employer contributions 656
Benefit payments 477
Asset mix:
Domestic stocks 31.8%
Domestic fixed income 36.9%
Foreign stocks 9.0%
Foreign fixed income 10.9%
Cash equivalents 0.1%
Private equity 1.2%
Real estate equity 10.1%
CARSON CITY, Nev. - As of Sept. 30, the Public Employees Retirement System of Nevada's total employee benefit assets, all defined benefit, decreased 4% from a year earlier.
Employer contributions to the plan increased 5.5%; benefits paid increased 13%.
During the past year, the fund completed the funding of its index allocation; as a result, indexed bond assets increased 82%, to $1.1 billion.
DEFINED BENEFIT MANAGERS:
Domestic equities: Alliance Capital; Atlanta Capital; BGI; Seligman; Loomis Sayles.
International equities: Axe-Houghton; GE Asset; Putnam.
Domestic fixed-income: Lincoln Capital; Criterion; Bradford & Marzec; Dresdner RCM; Payden & Rygel; Patterson; State Street Research.
International fixed-income: Brinson; Julius Baer; Rogge.
Real estate: INVESCO; L&B; PMRealty; SSR.
Other: Pathway Capital.
The investment consultant is Callan Associates.
Key personnel overseeing the investment management of the defined benefit plan are Laura Wallace, investment officer, and Ken Lambert, assistant investment officer.
New Hampshire Retirement System
($ millions)
Total assets 4,234
Defined benefit 4,234
* DEFINED BENEFIT PLAN:
Employer contributions 75
Benefit payments 213
Asset mix:
Domestic stocks 40.5%
Domestic fixed income 23.9%
Foreign stocks 7%
Foreign fixed income 3.8%
Cash equivalents 0.1%
Private equity 9.8%
Real estate equity 14.9%
CONCORD, N.H. - As of Sept. 30, the New Hampshire Retirement System's total employee benefit assets, all defined benefit, decreased 13% from March 31, 2000.
During the past year, the pension fund conducted an asset allocation study.
DEFINED BENEFIT MANAGERS:
Domestic equities: Duncan-Hurst; Fred Alger; Jennison; American Express; Ark; J.&W. Seligman; Institutional Capital; INVESCO; Hutchens Investment Management; Zurich Scudder; Dalton Greiner Hartman & Maher.
International equities: Bank of Ireland; Fisher Investments; Artisan Partners.
Domestic fixed income: State Street Research; Income Research; TCW.
International fixed income: Brandywine Asset Management.
Real estate: Hart Advisors; UBS Realty; LaSalle.
Venture capital: Euclid Partners; Energy Investors Management; Sprout Capital; Lawrence Tyrell Ortale & Smith; Coral Partners; Castle Harlan Partners; New England Growth Fund; Premira German Buy-Outs; Venture Capital Fund of New England; Richland Ventures; APAX; Zero Stage Capital; North Atlantic Venture Fund; Allegra Capital Partners; TCW/Crescent; HEV III; Brand Equity Ventures; Prism Venture Partners; WPG Venture Associates; RFE Investment Partners; Sterling Venture Partners; Crescendo.
Timber: Mutual of New York; UBS Timber Investors.
The investment consultant is Evaluation Associates.
J.P. Singh, director of finance, oversees the investment management of the plan.
New Jersey Division of Investment
($ millions)
Total assets 66,691
Defined benefit 65,534
Defined contribution 1,157
* DEFINED BENEFIT PLAN:
Employer contributions 405
Benefit payments 3,167
Asset mix:
Domestic stocks 45.3%
Domestic fixed income 29.1%
Foreign stocks 13.1%
Foreign fixed income 1.7%
Cash equivalents 5.3%
Mortgages 5.5%
Internally managed assets 65,534
* DEFINED CONTRIBUTION PLAN:
Assets in:
457 1,001
403(b) 156
Internally managed assets 1,157
Asset mix:
Stock 70%
Fixed income 16%
Cash equivalents 14%
TRENTON, N.J. - As of Sept. 30, New Jersey Division of Investment's total employee benefit assets decreased 19% from a year earlier. Defined benefit assets decreased 19% during the same period; defined contribution assets decreased 13%.
Benefits paid increased 32% over the last year.
During the past year, the fund decided to explore securities lending and invested $70 million in U.S. equities on Sept. 17, the day markets reopened following the Sept. 11 terrorist attacks on New York City and Washington.
The investment consultants are New England Pension Consultants and Frank Russell/Mellon.
Key personnel overseeing the investment management of both plans are Steven E. Kornrumpf, director; William G. Clark, deputy director; and Gilles Michel, assistant director.
New Mexico Educational Retirement Board
($ millions)
Total assets 5,948
Defined benefit 5,948
* DEFINED BENEFIT PLAN:
Employer contributions n/a
Benefit payments n/a
Asset mix:
Domestic stocks 47%
Domestic fixed income 38%
Foreign stocks 15%
Internally managed assets 3,789
SANTA FE, N.M. - As of Sept. 30, New Mexico Educational Retirement Board's total employee benefit assets, all defined benefit, decreased 19% from a year earlier.
In the third quarter, the fund launched a search for an active domestic large-cap value equity manager. The assets would come from reducing a $1.3 billion internally managed S&P 500 index fund. The fund also canceled a search for a manager to run a $300 million midcap core portfolio.
DEFINED BENEFIT MANAGERS:
Domestic equities: Putnam Investments; Chicago Equity Partners; Jurika & Voyles.
International equities: Capital Guardian; Bank of Ireland; Alliance Bernstein.
The investment consultant is Wilshire Associates.
Key personnel overseeing the investment management of the plan are Frank Foy, chief investment officer; Margie Hombo, investment officer for equities; and Rose Struck, portfolio manager for fixed income.
New Mexico Public Employees Retirement Association
($ millions)
Total assets 7,725
Defined benefit 7,523
Defined contribution 202
* DEFINED BENEFIT PLAN:
Employer contributions 200
Benefit payments 296
Asset mix:
Domestic stocks 40.4%
Domestic fixed income 46.4%
Foreign stocks 12.8%
Other 0.4%
* DEFINED CONTRIBUTION PLAN:
Assets in 457 202
Asset mix:
Stock 47%
Fixed income 3%
Stable value 50%
SANTA FE, N.M. - As of Sept. 30, the New Mexico Public Employees Retirement Association's total employee benefit assets decreased 10% from a year earlier. Defined benefit assets decreased 9% during the same period; defined contribution assets decreased 14%.
Employer contributions to the defined benefit plan increased 8%; benefits paid increased 10%.
During the past year, Terrance Slattery was named executive director of the system, effective June 4. He replaced Alice Herter, who retired Dec. 31, 2000. Mr. Slattery was retirement administrator for the $3.6 billion San Bernardino County Employees' Retirement System.
The fund searched for a provider for a new integrated pension administration system. The old system had been in place since 1992. Consultant L. R. Wechsler is assisting in what is estimated to be a three-year project, and the new executive director is polling other public systems that have made changes to their administration systems. It also hired State Street Global Advisors to run index portfolios of $50 million to $100 million each, and rehired Deutsche Asset Management to manage a $200 million S&P 500 fund. The system also considered adding several index funds, including an S&P 400 and an S&P/Barra value index fund. The amounts have not been determined; funding would come from cash.
DEFINED BENEFIT MANAGERS:
Domestic equities: Deutsche Asset; Alliance Bernstein; Brinson Partners; SSgA; American Express; Brandywine; Rothschild.
International equities: Capital Guardian; Oechsle International; INVESCO Global.
Domestic fixed-income: BGI; Fiduciary Trust; Reams Asset; Smith Breeden; Goldman Sachs.
DEFINED CONTRIBUTION MANAGERS:
Domestic equities: Evergreen INVESCO; American Century; Janus; Putnam Investments; Dreyfus; MFS; Nationwide; Seligman.
International equities: T. Rowe Price; Templeton.
Domestic fixed-income: Dwight; Nationwide.
The investment consultant for both plans is Callan Associates.
Key personnel overseeing the investment management of the defined benefit plan are Robert E. Gish, chief investment officer, and Fred W. Reynold, deputy director of investments. Overseeing the defined contribution plan are Mr. Slattery; JoAnn Garcia, deferred compensation program manager; and Kurt Weber, deputy director-operations.
New York City Retirement Systems
($ millions)
Total assets 54,512
Defined benefit 54,512
* DEFINED BENEFIT PLAN:
Employer contributions 1,415
Benefit payments 3,504
Asset mix:
Domestic stocks 50.3%
Domestic fixed income 34.8%
Foreign stocks 13.8%
Cash equivalents 0.8%
Private equity 0.3%
Internally managed assets 604
NEW YORK - As of Sept. 30, New York City Retirement Systems' total employee benefit assets, all defined benefit, decreased 21% from a year earlier.
Employer contributions to the defined benefit plan increased 39%; benefits paid held relatively steady.
During the past year, Donna Gilding, chief investment officer, stepped down to join Progress Investments.The fund issued an RFP for its first real estate equity security managers, with an allocation of up to $1 billion. It also issued RFPs for an undetermined number of active domestic large-cap value equity managers for the police and fire department funds, and an RFP for debt-based, economically targeted investment programs focusing on low- and moderate-income opportunities that would provide a market rate of return. NYCERS hired the AFL-CIO Housing Investment Trust to manage $50 million for that debt-based program and may hire more managers for the program later. It also began a search for private equity managers to invest in companies that enhance the quality of life and promote economic activities in New York.
Four of the five funds comprising the system re-hired BGI to manage a collective $3.63 billion in a passive EAFE portfolio. The policemen's fund also hired Deutsche Asset for a $450 million passive EAFE portfolio, while the firefighters hired State Street Global Asset for a $250 million passive EAFE portfolio.
DEFINED BENEFIT MANAGERS:
Domestic equities: Aeltus, Alliance, American Express, Fidelity, J.P. Morgan Fleming, Loomis Sayles, Montgomery, New Amsterdam, Westpeak, Zevenbergen, Progress Trust, F.I.S., BGI, Deutsche, Merrill Lynch, Amalgamated.
International equities: Bank of Ireland, Capital Guardian, Delaware, GE Asset Management, INVISTA, Oechsle, Putnam, T. Rowe Price International, Schroder, Zurich Scudder, Sprucegrove, Deutsche, BGI, SSgA, Genesis, Pictet International.
Domestic fixed-income: Fischer Francis, Lincoln, MDL Capital, PIMCO, SSgA, BlackRock, Dresdner RCM, TCW, Credit Suisse, Prudential, T. Rowe Price, Taplin Canida, Prudential, Schroder. Progress Fixed: GW Capital, John Hsu.
Enhanced yield: Alliance, Credit Suisse, Loomis Sayles, T. Rowe Price, W.R. Huff.
Alternatives: Allegra Capital, Apollo, Carlyle, CVC, Cypress, FdG Capital, Lincolnshire, New Mountain Partners, SCP, VS&A.
The investment consultants are Callan Associates, SIS, EAI and Buck.
Key personnel overseeing the investment management of the plan are Jane Levine, deputy comptroller; Robert Pam, bureau chief, asset management; and John Burns, chief investment officer, equities.
Teachers' Retirement System of the City of New York
($ millions)
Total assets* 41,802
Defined benefit 32,063
Defined contribution 9,739
*as of June 30
* DEFINED BENEFIT PLAN:
Employer contributions 202
Benefit payments 1,891
Asset mix:
Domestic stocks 60%
Domestic fixed income 24%
Foreign stocks 14%
Foreign fixed income 1%
Cash equivalents 1%
Internally managed assets 317
* DEFINED CONTRIBUTION PLAN:
Assets in 403(b) 9,739
Internally managed assets 18
Asset mix:
Stock 92%
Fixed income 5%
Cash equivalents 1%
Other 2%
NEW YORK - As of June 30, the Teachers' Retirement System of the City of New York's total employee benefit assets decreased 13% from a year earlier. Defined benefit assets decreased 13% during the same period; defined contribution assets decreased 10%.
Employer contributions to the defined benefit plan decreased 55%; benefits paid increased 5%.
During the past year, the fund retained BGI to manage $1.4 billion in a passive EAFE account. It also awarded $50 million to the AFL-CIO Housing Investment Trust for its debt-based economically targeted investment program and issued an RFP for its first REIT manager to run 3% of total assets.
MANAGERS:
Domestic equities: Aeltus; Allegra; Alliance; Amalgamated Bank; BGI; Carlyne Partners; Cypress Merchant Banking Partners; Enhanced Investment Technologies; FdG Capital Partners; Fidelity; Freedom Capital; Goldman Sachs; Lincolnshire Equity Fund; Mellon Capital; New South Capital; PIMCO; PanAgora; Paradigm; SCP Private Equity Partners; Sound Shore; TCW; Westpeak.
International equities: Bank of Ireland; BGI; Brinson Partners; Capital Guardian; Delaware International; GE Investment; Putnam; T. Rowe Price International; Schroder Capital; Scudder, Stevens & Clark; Sprucegrove.
Domestic and international fixed-income: Alliance; BlackRock; Certus; Credit Suisse; Cypress Advisors; Fischer, Francis; Lincoln Capital; Loomis Sayles; Miller, Anderson & Sherrerd; PIMCO; Putnam; T. Rowe Price; Taplin Canida; W.R.Huff.
The investment consultant for both plans is BARRA RogersCasey.
Key personnel overseeing the investment management of the defined benefit plan are Donna K. Gilding, chief-division of investment strategy; John Burns, chief investment officer, equities; and Jane Levine, deputy comptroller for pensions. Overseeing the defined contribution plan are Diane R. S. Sisenwein, director-investment administration; Donald S. Miller, executive director; and Stanley J. Kessock, deputy executive director.
New York State Common Retirement Fund
($ millions)
Total assets 106,091
Defined benefit 106,091
* DEFINED BENEFIT PLAN:
Employer contributions 165
Benefit payments 3,720
Asset mix:
Domestic stocks 44.2%
Domestic fixed income 33.5%
Foreign stocks 10.7%
Cash equivalents 0.5%
Private equity 6.3%
Real estate equity 3.2%
Mortgages 1.6%
Internally managed assets 69,854
ALBANY, N.Y. - As of Sept. 30, the New York State Common Retirement Fund's total employee benefit assets, all defined benefit, decreased 15% from a year earlier.
Employer contributions and benefits paid remained the same.
During the past year, state Comptroller H. Carl McCall, sole trustee of the fund, said he plans to seek the Democratic nomination for governor this year. Also, Glenn M. Johnson, executive vice president, director of institutional services at Intercontinental Real Estate Corp., Boston, was named to the fund's investment advisory council in November.
The fund put $1 billion into domestic equities after Sept. 11 to rebalance its target equity allocations and to show confidence in the markets. Officials said they expect to invest between $1.2 billion and $1.5 billion a year in private equity through 2005. The fund in December participated in talks with other public and union pension funds about investing some of their assets in public improvements in New York City and around the country.
In real estate investments, the fund bought a 67% interest in a 344,700-square-foot Kraft Foods distribution center in Winchester, Va., for $14.6 million; acquired two self-storage properties in New Jersey and two in North Carolina through its joint venture with Amsdell for $13.1 million; bought a $27.5 million share in a 529,000-square-foot shopping center in Augusta, Ga., through a joint venture with KIMCO Realty; committed $227 million to a joint venture agreement with Post Properties to develop midrise and high-rise apartments in urban infill areas in Atlanta, Washington and Pasadena, Calif.; created a joint venture with Post Properties to develop two Atlanta apartment communities; acquired Willowbrook Mall in Houston for $144.9 million through GGP/Homart II, its joint venture with General Growth Properties, from Lend Lease Real Estate Investments; purchased J.C. Penney Realty's 20% interest in Vista Ridge Mall, Dallas, for $10 million in cash and the assumption of an additional $14 million in debt; paid $102 million to an unidentified institutional co-investor for its 50% interest in Buckland Hills Mall, Manchester, Conn.; took a $32 million commercial mortgage loan to develop industrial real estate in Southern California from Prudential Insurance through its joint venture with ProLogis Trust; and entered a joint venture with AMLI Residential to develop and own AMLI at King's Harbor, Houston.
The fund also hired Chicago Equity Partners to run $250 million in active domestic large-cap core equities; increased its active domestic small-cap growth equity allocation with Brown Capital Management by $150 million; and moved $15 million each to existing active domestic midcap value equity manager Schneider Capital Management and style-neutral core manager Fan Asset Management as part of a rebalancing between growth and value in the system's Progress Investment Management emerging manager program.
In private equity commitments, the fund committed $200 million to Madison Dearborn Capital Partners IV; $150 million each to HarbourVest International Partners IV, APAX Europe V and the New York State Retirement Co-Investment Fund, managed by the Pacific Corporate Group; $100 million to the Hudson River Co-Investment Fund, managed by Hamilton Lane Advisors; committed $300 million each to the Warburg Pincus Private Equity Fund VIII and the Mohawk River Fund III; committed $75 million to Blum Capital Partners Fund II; committed $50 million to the Oaktree Principal Opportunities Fund II; and committed $25 million to the Fairview Capital III fund.
DEFINED BENEFIT MANAGERS:
Domestic equities: Alliance; Oppenheimer; Capital Guardian; Jacobs Levy; Morgan Stanley; J.P. Morgan Fleming; Mellon Equity; Salomon Smith Barney; Chicago Equity; BGI; Progress; Montgomery Asset; Pilgrim Baxter; Brown Capital; New Amsterdam; Fortaleza; Fuller & Thaler; Piedra Capital; Fan Asset; Hoover; Schneider; Earnest Partners; Nicols Asset Management; Rasara Strategies.
International equities: BGI; Alliance; Baillie Gifford; Capital Guardian; Schroder Capital; Baring International; Morgan Stanley; Bank of Ireland; Templeton Investment; Delaware International; Merrill Lynch.
Global equities: Capital Guardian; Brandes; Robeco; Morgan Stanley.
Emerging market equities: Capital Guardian; Templeton Investment; Morgan Stanley; Acadian; Schroder Capital; BGI.
Real estate: Aetna; AEW; CIGNA; Clarion; Community Preservation; Firstar; Heitman; J.P. Morgan; Key Bank; LaSalle; Lend Lease; Mellon Mortgage; MIG Realty; Mutual of New York; RREEF; Sentinel Realty; ULLICO; Industrial Risks Specialists; Conning.
Private equity: Adirondack Communications; Advent New York; Alan Patricof; Apollo; Bastion Capital; Beacon Group; Behrman Capital; Blackstone; Boston Ventures; Chase Capital Partners; Colony Investors; Corporate Venture Partners; Crossroads Capital; CVC; Cypress Merchant Banking; Equitable/Alliance Capital; Ethos; Fairview; Forstmann Little; Freeman Spogli; GE Investment; GKH; Golder, Thoma, Cressey, Rauner; Goldman Sachs; Hamilton Lane; HarbourVest; HealthCare Ventures; Hellman & Friedman; Heritage Fund; Joseph Littlejohn & Levy; J.P. Morgan; Kelso; KKR; Lexington; LF Strategic Realty; Madison Dearborn; Menlo Ventures; Morgan Stanley Real Estate; NatWest; Oaktree; Olympus;; Providence Equity Partners; South African Private Equity Fund; Sprout Capital; Stonington; TCW/Latin America Partners; Thomas H. Lee; TPG; TSG; Vestar; Warburg Pincus; Welsh Carson; Westbrook Real Estate.
Key personnel overseeing the investment management of the defined benefit plan are John Hull, deputy comptroller; William Barrett, assistant deputy comptroller; and Marjorie Tsang, assistant deputy comptroller.
New York State Deferred Compensation Plan
($ millions)
Total assets 4,691
Defined contribution 4,691
* DEFINED CONTRIBUTION PLAN:
Assets in 457 4,691
Total contributions 485
Asset mix:
Stock 54.4%
Fixed income 2.4%
Stable value 39.8%
Cash equivalents 1.7%
Other 1.7%
ALBANY, N.Y. - As of Sept. 30, the New York State Deferred Compensation Plan's total employee benefit assets, all defined contribution, decreased 18% from a year earlier.
DEFINED CONTRIBUTION MANAGERS:
Domestic equities: Davis, Dreyfus, Fidelity, Janus, Oppenheimer, T. Rowe Price, Vanguard, MAS, MFS, PBHG.
International equities: American Century, Fidelity, Putnam, T. Rowe Price, MSDW.
Domestic fixed-income: MAS, Seligman, Vanguard.
Balanced funds: Calvert, Putnam, Vanguard.
Money market: Vanguard.
The investment consultant is Evaluation Associates.
Key personnel overseeing the investment management of the plan are Julian Regan, executive director, and Edward Lilly, deputy executive director.
New York State Teachers' Retirement System
($ millions)
Total assets 74,915
Defined benefit 74,915
* DEFINED BENEFIT PLAN:
Employer contributions 153
Benefit payments 2,916
Asset mix:
Domestic stocks 54.3%
Domestic fixed income 22.1%
Foreign stocks 7.5%
Cash equivalents 4.1%
Private equity 0.7%
Real estate equity 5.3%
Mortgages 6%
Internally managed assets $63,691
ALBANY, N.Y. - As of Sept. 30, the New York State Teachers' Retirement System's total employee benefit assets, all defined benefit, decreased 17% from a year earlier. Employer contributions to the plan decreased 27%; benefits paid increased 16%.
During the past year, the fund selected Sovereign Financial Services as its first private equity consultant and HLM Management to handle the liquidation of securities it receives from private equity partnerships. It authorized private equity commitments of up to $200 million each to HarbourVest International and Madison Dearborn, respectively. It also authorized $87.5 million in first-mortgage financing for Washington Square, Washington, in a co-lending venture with the Teachers Insurance Annuity Association; up to $47.7 million with A.D. Phelps to redevelop a building at Merritt 7 Corporate Park, Norwalk, Conn; up to $161.5 million in a joint venture with Gerald Hines for the acquisition of Quaker Tower, Chicago; $54 million for 1919 Pennsylvania Ave., Washington; and $67.5 million for 1900 K St., Washington. It committed up to $200 million to Lexington Capital Partners; up to $100 million to Blackstone Capital Partners; $50 million to A.G. Realty Fund; and $50 million each to mezzanine debt funds run by Carbon Capital and Legg Mason. It increased Prudential Life Insurance Co.'s co-lending program to $600 million from $150 million; increased Forest Investment Associates' timber portfolio to $180 million from $80 million; and approved its first joint venture with Reckson Associates to acquire a 49% interest in 919 Third Ave., New York.
The system also began a search for two managers to run up to a total of $500 million in enhanced passive international equities. In addition, it combined its 1% emerging markets allocation with its 9% international equity allocation. The international equity targets were shifted to 70% active, 30% passive. It also terminated emerging markets equity managers Capital International and Dresdner RCM Global Investors.
DEFINED BENEFIT MANAGERS:
Domestic equities: Alliance Bernstein; Iridian; Lincoln; Montag & Caldwell; Dresdner RCM; Peregrine; Progress.
International equities: American Express; Baillie Gifford; Bank of Ireland; Capital Guardian; Lazard; Putnam; Alliance Bernstein; Deutsche Asset; Morgan Stanley; Capital International.
Global fixed income: Fiduciary Trust; Lombard Odier; Wellington.
Real estate: Cabot Advisors; Clarion; Forest Investment Associates; INVESCO; Jones Lang LaSalle; J.P. Morgan Fleming; Kennedy Associates; L&B Realty; Lend Lease; Sentinel; Cornerstone; Hines; Lone Star; Peabody; Prudential; Rockwood; SSR Realty; Starwood; UBS Asset; Westbrook Partners; Xylem; Cohen & Steers; RREEF America.
Securities lending: State Street Bank.
Private Equity: Apollo; Chisholm; Clayton Dubilier & Rice; Compass Partners; Corporate Venture Partnership; DLJ Merchant Banking; Excelsior; HarbourVest; Hellman & Friedman; Horsley Bridge; J.P. Morgan; Madison Dearborn; Mesirow Capital; Navis Partners; Technology Crossover Ventures; Texas Pacific Group; T.H. Lee Equity Partners; VantagePoint; Welsh, Carson, Anderson.
The investment consultants are Callan Associates, EAI-Evaluation Associates, Elkins/McSherry, Russell Real Estate Advisors and Soverign Financial Services.
Key personnel overseeing the investment management of the plan are George M. Philip, chief executive officer/chief investment officer; Joseph Vet, securities investment officer; James D. Campbell, real estate investment officer; and Lawrence A. Johansen, actuary.
North Carolina Retirement System
($ millions)
Total assets 52,575
Defined benefit 52,575
* DEFINED BENEFIT PLAN:
Employer contributions 753
Benefit payments 1,969
Asset mix:
Domestic stocks 46.9%
Domestic fixed income 45. 4%
Foreign stocks 4.6%
Private equity 0.2%
Real estate equity 2.9%
Internally managed assets 24,636
RALEIGH, N.C. - As of Sept. 30, the North Carolina Retirement System's total employee benefit assets, all defined benefit, decreased 11.4% from a year earlier.
Employer contributions to the defined benefit plan decreased 12.1%; benefits paid increased 10%.
DEFINED BENEFIT MANAGERS:
Domestic equities: Alliance, Wellington, Bank of America, Wachovia, NCM, Franklin Street, BB&T Asset, First Citizens.
International equities: Alliance, Wellington.
Real estate: UBS, TimesSquare, J.P. Morgan, Sentinel, Lend Lease, Westbrook, DLJ, DRA Advisors, Wachovia.
Other: HarbourVest, Sprout, Intersouth Partners, Kitty Hawk Capital, Carolinas Capital, DLJ, Academy, A.M. Pappas.
Key personnel overseeing the investment management of the plan are Andrew Silton, state investment officer, and P. Keith Leonard, assistant state investment officer.
Northrop Grumman Corp.
($ millions)
Total assets* 22,028
Defined benefit 14,990
Total defined contribution 7,038
*P&I estimate
LOS ANGELES - As of June 30, Pensions & Investments estimates the employee benefit assets of Northrop Grumman Corp. totaled $18.2 billion. The estimate is based on the $19.5 billion the company reported as of June 30, 2000 and the $4.3 billion reported for Litton Industries as of July 31, 2000 in the Money Market Directory.
During the past year, the company's operating profit margin included $538 million of pension income compared with $343 million in 1999 and $270 million in 1998. These increases were driven by the high market returns on investments over the past several years. However in 2000, while Northrop Grumman's pension fund returns exceeded benchmark indexes, they posted a negative return at slightly less than breakeven. As a result, pension income for 2001 was estimated to be $250 million to $300 million by the company in its filings with the Securities and Exchange Commission.
Key personnel overseeing the investment management of the defined benefit and defined contribution plans are J. Gaston Kent, director of investor relations; Richard Waugh, vice president and chief financial officer; and James L. Sanford, assistant treasurer.
Northwest Airlines Inc.
($ millions)
Total assets 6,669
Defined benefit 4,162
Defined contribution 2,507
* DEFINED BENEFIT PLAN:
Assets in all hybrid plans 354
Assets in cash balance plans 354
Employer contributions 36
Benefit payments 194
Asset mix:
Domestic stocks 41.9%
Domestic fixed income 17.7%
Foreign stocks 20.7%
Foreign fixed income 1.9%
Cash equivalents 3.6%
Private equity 13.2%
Real estate equity 1.0%
* DEFINED CONTRIBUTION PLAN:
Assets in:
Corporate 401(k) 2,147
Other DC 360
Asset mix:
Sponsoring company stock 6.9%
Other stock 66.8%
Fixed income 3.5%
Stable value 6.2%
Cash equivalents 10.2%
Other 6.4%
EAGAN, Minn. - As of Sept. 30, Northwest Airlines Inc.'s total employee benefit assets decreased 22% from June 30, 2000. Defined benefit assets decreased 21% during the same period; defined contribution assets decreased 23%.
The investment consultant for both plans is Wilshire Associates.
Key personnel overseeing the investment management of the defined benefit and defined contribution plans are Gary D. Martin, director, cash and pension investments, and Teri J. Richardson, manager, cash and pension investments.
