International Bank for Reconstruction and Development (World Bank)
($ millions)
Total assets 8,637
Defined benefit 8,637
Employer DB contributions 47
Benefit payments 185
The fund uses:
Stock options
Stock index futures
Fixed-income futures
Defined benefit asset mix:
Domestic stocks 31.7%
Foreign stocks 35.3%
Domestic fixed income 8.7%
Foreign fixed income 14.5%
Cash equivalents 1.0%
Private equity 2.4%
Real estate equity 5.6%
Hedge fund 0.8%
WASHINGTON -- As of Sept. 30, the International Bank for Reconstruction and Development's total employee benefit assets, all defined benefit, decreased 4% from a year earlier.
Employer contributions to the plan decreased 53%; benefits paid increased 11%.
During the past year, the fund set up a participant-directed cash balance plan to replace its frozen, defined benefit pension plan. The system also began conducting an annual asset allocation study, which will be put into place at the beginning of 1999.
Defined benefit managers:
Domestic equities: Grantham Mayo; Pacific Financial Research; Franklin Portfolio; BGI; State Street Global; Boston Partners.
International equities: Jennison; Capital Guardian; Morgan Stanley; Bank of Ireland; Genesis; Northern Cross; Mercury; Scottish Widows; Grantham Mayo; State Street Global.
Domestic fixed-income: Goldman Sachs; Miller, Anderson & Sherrerd; J.P. Morgan; Loomis, Sayles; W.R. Huff.
International fixed-income: Smith Barney; Fischer, Francis, Trees & Watts; Delaware; PIMCO.
The fund also has more than 30 real estate managers and more than 30 other managers.
The master trustee/custodian is State Street Bank.
Key personnel overseeing the investment management of the fund are Afsaneh Mashayekhi Beschloss, director and chief investment officer; Sudhir Krishnamurthi, senior manager of pension investments; and Nicolaas Marais, investment officer.
Xerox Corp.
($ millions)
Total assets 7,835
Defined benefit 4,827
401(k)/457 3,008
Employer DB contributions 4
Benefit payments 260
Total DC contributions 179
STAMFORD, Conn. -- As of Sept. 30, Xerox Corp.'s total employee benefit assets decreased 19.9% from a year earlier. Defined benefit assets decreased 7% during the same period; defined contribution assets decreased 34.5%. Employer contributions to the defined benefit plan were flat; benefits paid decreased 21.9%.
In October, the company added life cycle funds to its defined contribution plan.
Defined benefit/defined contribution managers:
Domestic equities: Lincoln Capital; Independence; WestPeak Investment; Dresdner; Sound Shore; BGI; First Pacific; Friess; GeoCapital; TCW; Steinberg.
International equities: Jennison; Grantham Mayo; Capital Guardian; J.P. Morgan; BGI.
Domestic fixed-income: J.P. Morgan; PIMCO; Dresdner RCM; GEM; Bankers Trust.
International fixed-income: J.P. Morgan; PIMCO; Dresdner RCM.
Real estate: RREEF; Heitman; TCW.
Other: Horsley Bridge; TCW; GE; J.P. Morgan; PanAgora.
Key personnel overseeing the investment management of both funds are Myra Drucker, chief investment officer; Mary Cahill, deputy chief investment officer; and Albert Hsu and Joseph Boateng, principals.
