San Francisco City & County Employees' Retirement System
($ millions)
Total assets 11,230
Defined benefit 10,426
Defined contribution 804
* DEFINED BENEFIT PLAN:
Employer contributions 0
Benefit payments 385
Asset mix:
Domestic stocks 28.2%
Domestic fixed income 24.3%
Foreign stocks 14.3%
Foreign fixed income 9.5%
Cash equivalents 2.1%
Private equity 13.4%
Real estate equity 8.2%
Internally managed assets 2,020
* DEFINED CONTRIBUTION PLAN:
Assets in 457 804
Total contributions 79
Asset mix:
Stock 61%
Fixed income 3%
Stable value 33%
Cash equivalents 3%
SAN FRANCISCO- As of Sept. 30, the San Francisco City & County Employees' Retirement System's total employee benefit assets decreased 17.9% from a year earlier. Defined benefit assets decreased 17.5% during the same period; defined contribution assets decreased 22.3%.
Employer contributions to the defined benefit plan remained at zero; benefits paid increased 33.7%.
During the past year, the fund hired David Kushner as deputy director for investments, replacing Carolyn Hamilton, who retired. Fund officials expect to review their asset allocation and manager structure in mid-2002.
In addition, the fund is searching for a general consultant and expects to select one in March.
The fund also restructured part of its international equity portfolio, halving Oechsle's $470 million core portfolio and converting the remainder into a concentrated portfolio. Nicholas-Applegate was hired to run the balance. The fund also hired Ashmore Investment Management to run a $75 million short-duration local currency emerging markets debt portfolio. Paradigm Asset Management was terminated as manager of a $162 million small-cap value portfolio.
In alternatives, the fund committed $35 million to Blackstone Capital Partners IV; $20 million to OCM Opportunities Fund IV; $20 million to Duke Street Capital V; $20 million to CSFB Global Opportunities; and $20 million to DLJ Merchant Banking III.
DEFINED BENEFIT MANAGERS:
Domestic equities: BGI; Dresdner RCM; Dimensional Fund; Dreyfus; J.P. Morgan Fleming; Knightsbridge.
International equities: Capital Guardian; Nicholas-Applegate; Oechsle.
Domestic fixed income: AFL-CIO; Conning; Fidelity; Lend Lease; Oaktree; Western; W.R. Huff.
International fixed income: Grantham Mayo; Bridgewater; Fischer Francis.
Real estate: RREEF; INVESCO; AMB; GMAC; DLJ; Apollo; Blackstone.
DEFINED CONTRIBUTION MANAGERS:
Domestic equities: Janus; AIM; Citizens; ING Aetna; Calvert; T. Rowe Price; Ariel.
International equities: Zurich Scudder; Janus; ING Aetna.
Domestic fixed income: ING Aetna; Janus.
The investment consultants are Angeles for the defined benefit plan and KPMG for the defined contribution plan.
Key personnel overseeing the investment management of the defined benefit plan are Mr. Kushner; Carl Wilberg, senior investment officer, equities; and Dick Piket, senior investment officer, fixed income. Overseeing the defined contribution plan is the SFERS Retirement Board.
Sandia Corp.
($ millions)
Total assets 4,292
Defined benefit 2,894
Defined contribution 1,398
* DEFINED BENEFIT PLAN:
Employer contributions 0
Benefit payments 90
Asset mix:
Domestic stocks 49%
Domestic fixed income 32%
Foreign stocks 19%
* DEFINED CONTRIBUTION PLAN:
Assets in:
Corporate 401(k) 1,065
401(a) 333
Total contributions 69
Asset mix:
Sponsoring company stock 2%
Other stock 62%
Fixed income 8%
Stable value 28%
ALBUQUERQUE, N.M. - As of Sept. 30, Sandia Corp.'s total employee benefit assets decreased 18% from a year earlier. Defined benefit assets decreased 18% during the same period; defined contribution assets decreased 18%.
Employer contributions to the defined benefit plan remained at zero; benefits paid increased 10%.
During the past year, the fund hired Aronson + Partners, Iridian and Numeric to run domestic equity portfolios for its defined benefit plan, replacing Dimensional Fund Advisors and SASCO Capital. Sandia's 401(k) plan added an international equity fund managed by its semibundled provider, Fidelity.
DEFINED BENEFIT MANAGERS:
Domestic equities: Geewax Terker; Jacobs Levy; Steinberg Priest; BGI; Aronson; Iridian; Numeric; Prudential.
International equities: Mastholm; Silchester; Lazard; Delaware; SSgA.
Domestic fixed-income: BlackRock; Dodge & Cox; Prudential; Dimensional Fund Advisors.
DEFINED CONTRIBUTION MANAGERS:
Domestic equities: Fidelity; Neuberger Berman; CSWP
International equities: Fidelity; Janus; Templeton.
Domestic fixed-income: Fidelity.
The investment consultants are Frank Russell for the defined benefit plan and Fidelity for the defined contribution plan.
Key personnel overseeing the investment management of the defined benefit plan are Ralph Bonner, deputy chief financial officer; Bruce Criel, pension fund manager; Jane Farris, pension fund manager; and Evan Ashcraft, pension fund manager. Overseeing the defined contribution plan are Rebecca Spires, savings plan project manager, and Ms. Farris.
SBC Communications Inc.
($ millions)
Total assets 46,405
Defined benefit 31,770
Defined contribution 14,635
* DEFINED BENEFIT PLAN:
Employer contributions 0
Benefit payments 4,046
Asset mix:
Domestic stocks 47%
Domestic fixed income 33%
Foreign stocks 13%
Cash equivalents 1%
Private equity 5%
Real estate equity 1%
* DEFINED CONTRIBUTION PLAN:
Assets in corporate 401(k) 14,224
Other DC 411
Total contributions 831
Asset mix:
Sponsoring company stock 64.1%
Other stock 14.9%
Fixed income 1.6%
Stable value 11.3%
Cash equivalents 0.5%
Other 7.6%
SAN ANTONIO, Texas - As of Sept. 30, SBC Communications Inc.'s total employee benefit assets decreased 27% from a year earlier. Defined benefit assets decreased 30% during the same period; defined contribution assets decreased 20%.
Employer contributions to the defined benefit plan remained at zero; benefits paid increased 99%.
During the past year, the fund was among several that had to liquidate pension assets to pay benefits when it offered special retirement incentives to reduce SBC's work force.
DEFINED BENEFIT MANAGERS:
Domestic equities: Alliance; Nicholas Applegate; McKinley; Jennison; Progress; Gardner Lewis; GeoCapital; Pilgrim Baxter; Dodge & Cox; Oppenheimer; Southeastern; TCW; MGM; BGI; State Street.
International equities: Capital Guardian; Marathon; Silchester International; Brandes; Morgan Stanley; Sit/Kim; Nicholas Applegate; Jennison; Capital International; Genesis.
Domestic fixed-income: Hoisington; Dodge & Cox; BlackRock; Credit Suisse; Jennison; Western; Seix.
Real estate: AEW; RREEF; TCW; Koll/Bren; Lend Lease; Heitman; Clarion/CRA; Westbrook; Morgan Stanley; Olympus; Transwestern; Sarofim; LaSalle; Sentinel; European Investors; Lend Lease Rosen.
Private equity: MGM; Shott; Banc Funds; Crossroads; Adams Street; Pilgrim Baxter; SNET; RIMCO.
Timber: Hancock.
DEFINED CONTRIBUTION MANAGERS:
Domestic equities: BGI; INVESCO.
International equities: BGI.
Domestic fixed-income: PRIMCO; BGI.
Other: BGI; Deutsche.
The investment consultant for both plans is Watson Wyatt.
Key personnel overseeing the investment management of the defined benefit plan are Roger W. Wohlert, managing director and chief investment officer; Charles W. Weaver, executive director-pension fund; Barbara McDowell, director of alternative investments; Julianne Galloway, corporate manager of investments; and Eddie Guerra, corporate manager of investments. Overseeing the defined contribution plan are Mr. Wohlert, Mr. Weaver and Ms. McDowell.
Sears, Roebuck & Co.
($ millions)
Total assets* 5,481
Defined benefit 2,479
Defined contribution 3,002
*P&I estimate
HOFFMAN ESTATES, Ill. - As of Sept. 30, Sears, Roebuck & Co.'s total employee benefit assets were $5.481 billion, based in part on an estimate from its annual report.
Shell Oil Co.
($ millions)
Total assets 12,842
Defined benefit 5,471
Defined contribution 7,371
* DEFINED BENEFIT PLAN:
Employer contributions 0
Benefit payments 269
Asset mix:
Domestic stocks 55%
Domestic fixed income 27%
Foreign stocks 18%
Internally managed assets 946
* DEFINED CONTRIBUTION PLAN:
Assets in:
Corporate 401(k) 1,533
401(a) 5,838
Total contributions 57
Asset mix:
Sponsoring company stock 19%
Other stock 39%
Fixed income 5%
Cash equivalents 37%
HOUSTON - As of Sept. 30, Shell Oil Co.'s total employee benefit assets decreased 22% from a year earlier. Defined benefit assets decreased 22% during the same period; defined contribution assets decreased 21%.
Employer contributions to the defined benefit plan remained at zero; benefits paid decreased 22%.
DEFINED BENEFIT MANAGERS:
Domestic equities: Dodge & Cox; Turner Investments; Westpeak; Alliance Capital; Chicago Equity Partners; Geewax Terker; ValueQuest; BGI.
International equities: Goldman Sachs; Morgan Stanley; Baillie Gifford; Bank of Ireland; Marvin & Palmer.
Domestic fixed-income: Seix Investment Advisors; J.P. Morgan; Seneca; Advent-Utendahl.
Others: Goldman Sachs; Progress Investments.
DEFINED CONTRIBUTION MANAGERS:
Domestic equities: Fidelity; BGI; J.P. Morgan.
International equities: Fidelity; BGI; J.P. Morgan.
Domestic fixed-income: Fidelity; BGI; J.P. Morgan.
International fixed-income: Fidelity; J.P. Morgan.
The investment consultant for the defined benefit plan is Frank Russell.
The key person overseeing the investment management of the defined benefit plan is Pervis Thomas Jr., chief investment officer. Overseeing the defined contribution plan is Duane Davis, deputy chief investment officer.
Siemens Corp.
($ millions)
Total assets* 4,784
Defined benefit 1,753
Total defined contribution 3,031
*P&I estimate
NEW YORK - As of Sept. 30, Pensions & Investments estimates the employee benefit assets of Siemens Corp. totaled $5.3 billion. The estimate is based on the $5.7 billion the company reported as of Sept. 30, 2000 in P&I.
Key personnel overseeing the investment management of the fund are Harry Zike, vice president and controller; David Lutterbach, director of corporate benefits; and Wade Kent, corporate managing human resources consultant.
South Carolina Retirement System
($ millions)
Total assets 20,776
Defined benefit 20,776
* DEFINED BENEFIT PLAN:
Asset mix:
Domestic stocks 21%
Domestic fixed income 60%
Cash equivalents 13%
Mortgages 6%
Internally managed assets 16,413
COLUMBIA, S.C. - As of Sept. 30, South Carolina Retirement System's total employee benefit assets, all defined benefit, increased 4% from a year earlier.
During the past year, the fund hired Dresdner RCM Global Investors to manage an unspecified amount in active domestic large-cap growth equities. The system, which made its first investment in equities less than three years ago, is still "ramping up our equity allocation," said Michael Sponhour, spokesman. It also hired Alliance Bernstein to run $100 million to $160 million in active domestic large-cap growth equities, he said. It had selected Dresdner RCM Global to manage the portfolio, but contract negotiations with the firm fell through. The system will increase its overall equity target to 35% of assets, from 25%, during the fiscal year ending June 30, 2002. Its long-term equity target is 40% of assets. Funding for both managers came from employer contributions and cash.
The system hired State Street Global Advisors to run an initial $75.5 million in a Russell 2000 index strategy, intending to park assets there until it allocates them to smaller managers as the need arises. SSgA also runs a $2 billion S&P 500 index fund for the plan, Mr. Sponhour said.
Robert Toomey, executive director, retired at the end of December, confirmed Delbert Singleton, deputy executive director. A replacement had not yet been named as of Dec. 21.
DEFINED BENEFIT MANAGERS:
Domestic equities: SSgA; Fidelity; Farrell-SL; Boston Co.; J.L. Kaplan; MFS; Suffolk Capital; J.P. Morgan Fleming; Wellington; Alliance Bernstein; Flippin Bruce & Porter; Institutional Capital; Montag & Caldwell; Peachtree Asset; Dresdner RCM.
The investment consultant for the plan is Mercer Consulting.
South Dakota Retirement System
($ millions)
Total assets* 4,990
Defined benefit 4,920
Defined contribution 70
*as of June 30, 2001
* DEFINED CONTRIBUTION PLAN:
Assets in 457 70
PIERRE, S.D.- As of Sept. 30, the South Dakota Retirement System's total employee benefit assets decreased 4% from a year earlier. Defined benefit assets decreased 4% during the same period; defined contribution assets increased 6%.
DEFINED BENEFIT MANAGERS:
International equities: Acadian; Dimensional Fund, Nicholas-Applegate; Capital International.
Real estate: Blackstone; Apollo; Doughty Hanson.
Other: KKR; Cypress; DLJ.
DEFINED CONTRIBUTION MANAGERS:
Domestic equities: Vanguard; Dimensional Fund; Franklin.
International equities: Vanguard.
Domestic fixed-income: Vanguard; Loomis Sayles.
Other: Prudential.
Key personnel overseeing the investment management of both plans are Steve Myers, state investment officer, and Al Asher, administrator.
Annuity Board of the Southern Baptist Convention
($ millions)
Total assets 6,449
Defined benefit 1,739
Defined contribution 4,710
* DEFINED BENEFIT PLAN:
Employer contributions 0
Benefit payments 177
Asset mix:
Domestic stocks 42%
Domestic fixed income 42%
Foreign stocks 12%
Cash equivalents 1%
Real estate equity 2%
Other 1%
* DEFINED CONTRIBUTION PLAN:
Assets in:
Corporate 401(k) 14
403(b) 4,696
Total contributions 335
Asset mix:
Stock 60%
Fixed income 26%
Cash equivalents 14%
DALLAS- As of Sept. 30, the total employee benefit assets for the Annuity Board of the Southern Baptist Convention decreased 17% from a year earlier. Defined benefit assets decreased 15% during the same period; defined contribution assets decreased 18%.
Employer contributions paid to the defined benefit plan remained at zero; benefits paid increased 1%.
MANAGERS:
Domestic equities: Northern Trust; Barrow, Hanley; Equinox; Numeric; Dresdner RCM; Provident; TCW; Aronson + Partners; High Rock; Provident; Westpeak.
International equities: Capital Guardian; Delaware International; Glenmede; Oechsle; Walter Scott; Genesis; Montgomery.
Domestic fixed-income: BlackRock; Payden & Rygel; PIMCO; Goldman Sachs; Western Asset; Loomis Sayles; STW; Certus (defined benefit only).
Real estate (defined benefit only): PCA; RREEF.
Southern Co.
($ millions)
Total assets 8,016
Defined benefit 5,316
Defined contribution 2,700
* DEFINED BENEFIT PLAN:
Employer contributions 0
Benefit payments 121
Asset mix:
Domestic stocks 31.4%
Domestic fixed income 11.5%
Foreign stocks 16.4%
Foreign fixed income 17.2%
Cash equivalents 4.7%
Private equity 10%
Real estate equity 8.8%
* DEFINED CONTRIBUTION PLAN:
Assets in DC 2,700
Total contributions 36
Asset mix:
Sponsoring company stock 58%
Other stock 33%
Fixed income 2%
Stable value 7%
ATLANTA - As of Sept. 30, Southern Co.'s total employee benefit assets decreased 13% from a year earlier. Defined benefit assets decreased 17% during the same period; defined contribution assets decreased 3.6%.
Employer contributions to the defined benefit plan stayed the same; benefits paid increased 236%.
DEFINED BENEFIT MANAGERS:
Domestic equities: Aeltus; Atlantic; Barrow Hanley; Deutsche; J.P. Morgan Fleming; Lazard; Dresdner RCM; Artisan; Eagle; Neuberger Berman; Loomis Sayles.
International equities: Capital Guardian; Delaware; Zurich Scudder.
Domestic fixed income: Baring; J.P. Morgan Fleming; Lazard; Rogge.
International fixed income: Baring; J.P. Morgan Fleming; Lazard; Rogge.
Real estate: Advent; Allegis; Apollo; Heitman; INVESCO; Lazard; Lend Lease; Olympus; Prudential; TA; SSR.
Private equity: Alliance; Apollo; CSFB; Evercore; Goldman Sachs; Hampshire; HarbourVest; Thayer; Triumph; VantagePoint; Weiss Peck & Greer; Warburg Pincus.
DEFINED CONTRIBUTION MANAGERS:
Domestic equities: Brinson; MFS; Merrill Lynch; Davis; Putnam; Franklin; Loomis Sayles.
International equities: Mercury.
Domestic fixed income: PIMCO; Seligman.
Real estate: Davis.
Other: Merrill Lynch; Mellon.
The investment consultant for the defined benefit plan is Strategic Investment Solutions.
Key personnel overseeing the investment management of the defined benefit plan are Roger Steffens, director of trust finance; Willie Whipple, principal and financial analyst; Dekia Scott, staff financial analyst; Brad Gates, staff financial analyst; and Tim Acklin, staff financial analyst. Overseeing the defined contribution plan are Messrs. Steffens and Gates.
Sprint Corp.
($ millions)
Total assets 6,136
Defined benefit 2,737
Defined contribution 3,399
* DEFINED BENEFIT PLAN:
Employer contributions 0
Benefit payments 137
Asset mix:
Domestic stocks 52%
Domestic fixed income 27%
Foreign stocks 17%
Real estate equity 4%
* DEFINED CONTRIBUTION PLAN:
Assets in:
Corporate 401(k) 3,140
Other DC 259
Total contributions 328
Asset mix:
Sponsoring company stock 52%
Other stock 30%
Fixed income 14%
Other 4%
WESTWOOD, Kan. - As of Sept. 30, Sprint Corp.'s total employee benefit assets decreased 20% from a year earlier. Defined benefit assets decreased 24% during the same period; defined contribution assets decreased 16%.
Employer contributions to the defined benefit plan remained at zero; benefits paid increased 19%.
During the past year, the fund added 20 investment options to its 401(k) plan. The new set-up includes a multi-tiered, multi-manager approach, along with the plan's original 10 options.
DEFINED BENEFIT MANAGERS:
Domestic equities: BGI; Jennison; PIMCO; Legg Mason; Oak; TCW; Wall Street; Dimensional Fund.
International equities: Artisan; Capital Guardian; Grantham Mayo; Jennison.
Domestic fixed income: BGI; MDL; PIMCO; W.R. Huff.
International fixed income: Grantham Mayo.
Real estate: J.P. Morgan.
DEFINED CONTRIBUTION MANAGER: Fidelity.
The investment consultant for both plans is Hewitt Associates.
Key personnel overseeing the investment management of both plans are William Searcy, pension and savings trust officer, and Maxine Sandman, manager, investment analysis and administration.
State Farm Mutual Automobile Insurance Co.
($ millions)
Total assets 11,889
Defined benefit 7,992
Defined contribution 3,897
* DEFINED CONTRIBUTION PLAN:
Assets in:
Corporate 401(k) 3,897
BLOOMINGTON, Ill. - As of Sept. 30, State Farm Mutual Automobile Insurance Co.'s total employee benefit assets decreased 14% from a year earlier. Defined benefit assets decreased 13% during the same period; defined contribution assets decreased 16%.
