THE LARGEST RETIREMENT FUNDS - Pensions & Investments

THE LARGEST RETIREMENT FUNDS

Top 200 DB2018

assets2017

assets

Internally managed* $1,295.6 $1,205.0

Domestic equity (active & indexed) $516.7 $452.6

Domestic fixed income (active & indexed) $416.4 $337.3

International equity (active & indexed) $158.2 $156.6

International fixed income (active & indexed) $19.1 $26.0

Global equity (active & indexed) $58.2 $92.7

Alternative investments $50.9 $46.3

Passive indexed equity $942.1 $924.5

Passive indexed bonds $136.0 $142.5

Enhanced indexed equity $50.4 $50.4

Enhanced domestic indexed bonds $29.9 $26.3

Real estate equity $334.7 $315.8

REITs $52.1 $50.1

High yield $71.1 $80.8

Inflation-protected securities $75.6 $88.7

Cash $77.5 $82.8

Domestic active equity $405.1 $348.6

Domestic active bonds $756.8 $670.1

International active equity $437.9 $440.2

Top 200 DB2018

assets2017

assets

Global/int’l active bonds $74.5 $88.6

Global equity (active & indexed) $266.6 $270.1

Emerging markets (active & indexed) $191.5 $203.4

Equity $167.8 $178.1

Debt $23.7 $25.3

Factor-based equity $38.4 $20.6

LDI investments $94.1 $78.9

Hedge funds $159.7 $159.6

Direct investments $137.8 $132.2

Funds of funds $21.9 $27.4

Commodities $18.2 $21.9

Private equity $367.2 $331.7

Venture capital $40.5 $36.1

Buyouts $207.8 $189.4

Mezzanine $3.3 $4.6

Distressed debt $20.6 $23.5

Energy $32.1 $22.8

Infrastructure $28.7 $23.1

Hybrid plans $177.7 $170.6

Employer contributions $141.9 $124.2

Benefits paid $259.0 $262.8

THE FUNDSChange in total assets by category 14

The largest retirement funds/sponsors 15

Funds by category 19

Funds by type 20

Average DB plan asset mixes 21

Average DC plan asset mixes 22

Aggregate DB plan asset mixes 23

Aggregate DC plan asset mixes 26

Number of funds among the top 200 using cited strategy/vehicle 27

How the data were compiled 29

DEFINED BENEFITFunds among the top 200 with DB assets in hybrid plans 28

Funds with the most DB assets in equity 28

Funds with the most DB assets in fixed income 28

DB assets by investment vehicle 28

Funds with the most DB assets managed internally 28

Funds with DB plans using ESG factors 28

Funds with DB plans using hiring policy for women/minority managers 28

DB managers most used by the top 200 funds 28

DB consultants most used by the top 200 funds 28

Funds with DB assets in factor-based equity strategies 29

Funds with the most DB assets in bank loans 29

Funds with the most DB assets in inflation-protected securities 29

ALTERNATIVESPrivate equity, real assets make gains with funds wanting safety 14

Funds with the most DB assets in alternatives 32

Funds with the most DB assets in hedge funds 32

Funds with the most DB assets in direct hedge funds 32

Growth of DB infrastructure assets 32

Growth of DB energy assets 32

Growth of DB alternative assets 32

DEFINED CONTRIBUTIONFor largest U.S, fund, the sky’s the limit 27

Growth of Thrift Savings Plan assets 27

Funds with the most DC assets in passive equity 34

Funds with the most DC assets in target-date strategies 34

Funds with the most DC assets in passive bonds 34

Funds with the most DC assets in inflation-protected securities 34

Funds with DC plans offering auto enrollment 34

The largest funds with DC assets in target-date strategies 34

Growth of DC assets 34

The largest DC funds by type 34

Funds with DC plans offering white-label options 35

Funds with DC plans offering auto escalation 35

DC managers most used by the top 200 funds 35

DC consultants most used by the top 200 funds 35

Older companies will lead innovation 35

FIXED INCOMECorporate funds still prize fixed income 14

Growth of DB LDI assets 33

Funds with the most DB assets in LDI investments 33

MORE ONLINETo view the complete report, including a full data set, go to pionline.com/sponsors19

P&I 1000 statistics at a glance Assets are in billions as of Sept. 30.

*Total is greater because some funds did not provide breakouts.

Historical data may include retroactive updates.

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What’s inside

Top 1,000

$11,004.62017: $10,343.1

Top 1,000 DB

$6,908.02017: $6,617.7

Top 1,000 DC

$4,096.62017: $3,725.4

Top 200

$7,923.62017: $7,455.8

Top 100

$6,467.02017: $6,099.0

Top 50

$5,012.62017: $4,731.4

Top 25

$3,666.12017: $3,453.2

Top 200 DB

$5,455.22017: $5,225.3

Top 200 DB

$2,468.42017: $2,230.5

Top 200 DC2018

assets2017

assets

Passive indexed equity $538.8 $470.4

Passive indexed bonds $50.2 $50.2

REITs $4.4 $4.7

Inflation-protected securities $8.4 $7.4

Commodities $1.1 $0.7

Target-date strategies* $270.8 $256.9

Custom $201.4 $185.1

Off-the-shelf $44.4 $44.0

Contributions $54.9 $56.3

Employer $16.8 $17.5

Employee $38.1 $38.8

401(k) $650.3 $637.9

Profit sharing $10.6 $11.1

ESOP $24.2 $23.9

457 $127.2 $107.7

401(a) $68.3 $63.0

403(b) $51.6 $42.4

Other DC $585.1 $537.6

Pensions & Investments February 4, 2019 | 13

THE LARGEST RETIREMENT FUNDS14 | February 4, 2019 Pensions & Investments

$10,326.1 $10,343.1

$11,004.6

$6,792.3

$7,455.8$7,923.6

$2,381.0$2,610.9 $2,802.5

$3,480.9$3,831.9

$4,040.9

$791.9 $884.6 $934.3

Change in total assets by category Assets are in billions for years ended Sept. 30.

201820172016201820172016201820172016201820172016201820172016201820172016

Top 1,000 funds Top 200 funds Top 200corporate funds

Top 200public funds

Top 200union funds

Top 200misc. funds

$138.5 $128.4 $145.9

Buoyed by large contributions as a result of tax reform, U.S. corpo-rate defi ned benefi t plans contin-ued the trend in 2018 of devoting a greater share of their portfolios to fi xed income.

As funding improved and glide-path targets were hit, plans particu-larly increased allocations to liabil-ity-driven investing, Pension & Investments’ latest survey of the 1,000 largest U.S. retirement plan sponsors shows.

Overall, among U.S. defi ned ben-efi t plans of the largest 200 plan sponsors, domestic fi xed-income assets totaled $967.4 billion as of Sept. 30, a 10% increase from a year earlier. The increase stands in stark contrast to the Bloomberg Barclays U.S. Aggregate bond index return for the same period at -1.22%.

Among the DB plans in the top 200, LDI strategies accounted for $94.1 billion in assets as of Sept. 30, up from $78.9 billion reported a year earlier.

Among corporate DB plans in the top 200, there was a further shift to domestic fi xed income as a whole, not just in LDI strategies, with an average asset allocation to domestic fi xed income at 43.4% as of Sept. 30, above the 38.8% average allocation a year ago.

United Parcel Service Inc. re-ported the highest asset total in LDI strategies at $15.6 billion as of Sept.

30, about double the $7.9 billion re-ported as of Sept. 30, 2017, and comprising 37.8% of its $41.25 bil-lion in U.S. DB plan assets.

The increase in LDI assets for the Atlanta-based shipping com-pany came on the heels of $7.3 bil-lion in contributions to the U.S. pension plans in 2017. Like similar companies that accelerated contri-butions to their defi ned benefi t plans in 2017 and 2018, UPS said it had done so to take advantage of the 35% corporate tax rate deduc-tion before the Tax Cut and Jobs Act’s lowering of the tax rate to 22% would take effect.

Through those massive contribu-

Fixed income still prized in asset mix of corporate funds

THE P&I 1000 FIXED INCOME

Allocations increase 10%; plans with LDI mindset taking a special interest

By ROB KOZLOWSKI

ANOTHER WAY: Stephen J. Nesbitt said plan sponsors moved to private equity to circumvent risks in a volatile stock environment.

Nan

cy K

aye

U.S. pension plans continued their move into private equity and real assets in search of return and a safer alternative to equities.

Many alternative investment as-set classes represented in Pensions & Investments’ annual survey of the largest U.S. retirement plans exhib-ited growth in the 12 months ended Sept. 30. Among defi ned benefi t plans in the top 200 retirement sys-tems, energy and infrastructure in-vestments had the greatest increas-es, up 40.8% to $32.1 billion and

24.2% to $28.7 billion, respectively, albeit from small bases. Growth rates for private equity and real es-tate equity in the survey period were similar to the year-earlier gains, up 10.7% and 6%, respectively.

But the wave of capital moving into alternatives did not lift all sec-tors. Mezzanine reversed course from P&I’s 2017 survey data, drop-ping 28.3%, while for the third straight year, distressed debt assets fell, dropping 12.3%.

“It was a risk-off year,” said Ste-phen J. Nesbitt, Marina del Rey, Calif.-based CEO of alternative in-vestment consulting fi rm Cliffwater LLC. “People found stocks are risky and moved to private equity.”

Across P&I’s top 200 universe, private equity accounted for 8.7% of

the aggregate defi ned benefi t allo-cation as of Sept. 30, compared with 8% as of Sept. 30, 2017. Public pen-sion plans had the largest average percentage of their portfolios in private equity at 9.3% as of Sept. 30, up from 8.8% in the year-earlier survey. Among corporate plans, pri-vate equity was up to 6.2% from 5.7%, and the average exposure among union plans was 5.8%, a slight increase from 5.7% as of Sept. 30, 2017.

The net return for Cambridge Associates LLC’s U.S. Private Equi-ty index was 13.52% for the nine months ended Sept. 30, and for the Cambridge U.S. Venture Capital in-dex it was 18.07%.

At the same time, investors are

Private equity, real assets make gains with funds wanting safety

THE P&I 1000 ALTERNATIVES

Leery of equity markets, plans see alternatives as better avenue for returns

By ARLEEN JACOBIUS

SEE FIXED ON PAGE 33 SEE ALTS ON PAGE 32

Growth of corporate fixed incomeallocations Among the top 200 DB funds as of Sept. 30.

Includes U.S. and global/international fixed income allocations

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201820172016201520142013


D B A S S E T M I X

Rank2017 rank Sponsor Assets Change

Total DBassets

Total DCassets Stocks Bonds Cash Other Key person

1 1 Federal Retirement Thrift $578,755 8.9% $578,755 Ravindra Deo, Executive Director

2 2 California Public Employees $376,859 11.9% $375,117 $1,742 49.8% 28.4% 1.8% 20.0% Yu Ben Meng, CIO (DB); Christine Reese (DC)

3 3 California State Teachers $230,209 6.5% $229,181 $1,028 53.4% 16.2% 2.5% 27.9% Christopher Ailman, CIO (DB); Sandy Blair, DC Director (DC)

4 4 New York State Common $213,241 6.0% $213,241 57.0% 22.6% 0.4% 20.0% Anastasia Titarchuk, Interim CIO

5 5 New York City Retirement $200,805 5.8% $200,805 49.4% 34.0% 1.0% 15.6% Alex Done, Deputy Comptroller-Bureau of AM & CIO

6 6 Florida State Board $174,721 4.1% $163,600 $11,121 57.1% 20.7% 1.1% 21.1% Ash Williams, Executive Director & CIO (DB); Daniel Beard, Chief of DC Programs (DC)

7 7 Texas Teachers $153,126 4.6% $153,126 39.1% 13.4% 0.3% 47.2% Jerry Albright, Deputy CIO

8 10/284 AT&T $124,129 9.3% $58,651 $65,478

9 8 Boeing $123,700 1.6% $59,700 $64,000 Andrew Ward, VP & CIO

10 9 New York State Teachers $120,088 3.8% $120,088 59.6% 23.1% 2.3% 15.0% Thomas K. Lee, Executive Director & CIO

11 11 Wisconsin Investment Board $114,626 4.2% $109,329 $5,297 53.0% 24.0% 1.0% 22.0% David Villa, Executive Director & CIO (DB); Matt Stohr, Administrator (DC)

12 13 Washington State Board $112,474 7.9% $93,426 $19,048 34.9% 23.1% 0.2% 41.8% Gary Bruebaker, CIO

13 12 North Carolina $111,370 4.1% $99,508 $11,862 38.9% 24.7% 7.6% 28.8% Jeff Smith, Interim Director-Inv. Mgmt. & Director-Fixed Inc. (DB); Loren De Mey, Asst. Director (DC)

14 14 IBM $103,254 -0.4% $49,207 $54,047 7.2% 79.9% 12.9% Harshal Chaudhari, Managing Director & CIO

15 15 Ohio Public Employees $100,707 3.1% $99,103 $1,604 40.3% 22.3% 0.5% 36.9% Paul Greff, CIO

16 17 California University $93,296 6.7% $68,292 $25,004 57.1% 20.8% 4.1% 18.0% Jagdeep Singh Bachher, CIO & VP-Investments

17 16 General Motors $88,527 -0.3% $64,199 $24,328

18 18 New Jersey $83,876 4.2% $79,430 $4,446 47.8% 17.9% 6.4% 27.9% Corey Amon, Acting Director

19 19 Virginia Retirement $83,876 5.9% $80,211 $3,665 33.8% 29.2% 0.7% 36.3% Ronald D. Schmitz, CIO (DB); Laura Pugliese, Portfolio Manager-DC Plans (DC)

20 23 Michigan Retirement $81,899 8.4% $73,059 $8,840 43.5% 12.1% 2.5% 41.9% Jon M. Braeutigam, CIO

21 21 Oregon Public Employees $81,269 4.9% $78,993 $2,276 38.5% 19.4% 2.1% 40.0% John D. Skjervem, CIO (DB); Wil Hiles, Sr. Investment Analyst (DC)

22 20 General Electric $80,954 2.7% $54,259 $26,695 46.7% 32.8% 1.5% 19.0% Matt Zakrzewski, Managing Director-Benefit Plans (DB)

23 22 Ohio State Teachers $79,153 3.5% $77,634 $1,519 53.6% 20.1% 1.9% 24.4% Mike Nehf, Executive Director

24 25 Minnesota State Board $77,631 6.8% $68,288 $9,343 60.7% 24.3% 1.2% 13.8% Mansco Perry III, Executive Director & CIO

25 24 Georgia Teachers $77,523 6.1% $77,523 68.3% 30.2% 1.5% Charles W. Cary Jr., CIO

26 26 Lockheed Martin $76,555 7.8% $35,159 $41,396 42.7% 21.7% 5.9% 29.7% Paul Colonna, President & CIO-LMIMCO

27 27 Massachusetts PRIM $73,848 6.3% $73,848 44.3% 18.3% 37.4% Michael G. Trotsky, Executive Director & CIO

28 30 United Parcel Service $66,244 11.2% $41,253 $24,991 39.6% 37.8% 0.9% 21.7% Ernie Caballero, CIO

29 28 United Nations Joint Staff $65,605 6.7% $65,605 Sudhir Rajkumar, Representative of the Secretary-General

30 31 Bank of America $59,960 7.3% $19,288 $40,672 34.6% 59.7% 0.4% 5.3%

31 32 Tennessee Consolidated $58,355 5.9% $50,754 $7,601 52.3% 28.7% 0.2% 18.8% Michael Brakebill, CIO (DB); Kaci Lantz, DC Director (DC)

32 29 Ford Motor $57,710 -3.5% $40,506 $17,204 6.6% 77.3% 0.3% 15.8% Erin Rohde, CIO

33 33 Los Angeles County Employees $57,133 6.1% $57,133 46.4% 24.6% 2.1% 26.9% Jonathan I. Grabel, CIO

34 34 Pennsylvania School Employees $55,147 4.3% $55,147 22.3% 33.6% -13.4% 57.5% James H. Grossman Jr., Director-Ext. Pub. Mkts., Risk & Comp.

35 35 Colorado Employees $54,035 5.0% $49,481 $4,554 57.2% 21.7% 0.7% 20.4% Amy C. McGarrity, CIO

36 43 DowDuPont $53,903 0.2% $30,510 $23,393 Valerie J. Sill, President & CEO-DuPont Capital

37 39 Kaiser $53,761 7.4% $31,376 $22,385 Vyvian Heath, Managing Director-Fixed Income

38 41 Verizon $53,353 7.2% $18,793 $34,560

39 37/357 Northrop Grumman $52,966 4.8% $27,713 $25,253 45.5% 24.5% 8.4% 21.6% Raj Chandhok, VP-Investments & Trust Admin. (DB); Karim Gowani, Manager-Investments (DC)

40 36 Wells Fargo $52,901 3.6% $10,001 $42,900 29.7% 62.7% 1.6% 6.0% Thomas B. Hooley, SVP & Managing Director

41 38 Maryland State Retirement $52,355 4.1% $52,355 40.3% 24.4% 0.2% 35.1% Andrew Palmer, CIO

42 40 Illinois Teachers $51,844 4.0% $51,844 36.8% 19.0% 2.5% 41.7% Richard W. Ingram, Executive Director

43 42 United Technologies $50,220 2.4% $26,044 $24,176 31.0% 48.0% 21.0% Robin L. Diamonte, VP & CIO

44 44 Missouri Schools & Education $44,406 5.0% $44,406 46.8% 22.4% 0.9% 29.9% Craig A. Husting, CIO

45 45 FedEx $44,300 5.4% $22,000 $22,300

46 46 J.P. Morgan Chase $44,287 8.4% $15,543 $28,744 43.0% 27.0% 15.0% 15.0% Ameeta Gosain, CIO-DB Plan (DB); Daniela Nese (DC)

47 49 Nevada Public Employees $42,704 7.5% $42,704 62.8% 27.6% 0.1% 9.5% Steve Edmundson, CIO

48 47 Illinois Municipal $42,413 6.5% $42,413 63.9% 25.7% 0.6% 9.8% Dhvani Shah, CIO

49 48 Teamsters, Western Conference $41,764 5.0% $41,764 43.3% 30.0% 1.0% 25.7% Alan D. Biller, CEO-Alan Biller and Associates

50 50 Alabama Retirement $40,713 4.9% $38,533 $2,180 69.9% 15.9% 5.0% 9.2% David G. Bronner, CEO

51 55 State Farm $40,427 10.4% $27,143 $13,284

52 56 Raytheon $40,074 10.7% $20,708 $19,366 Scott A. Lupkas, VP-Pension Investments

53 51 Arizona State Retirement $39,968 5.9% $39,968 46.3% 10.2% 2.2% 41.3% Karl Polen, CIO

54 54 Utah State Retirement $39,317 6.0% $33,364 $5,953 Daniel D. Andersen, Executive Director

55 53 South Carolina Public Employees $38,458 3.2% $31,651 $6,807 47.7% 21.2% 0.2% 30.9% Geoffrey Berg, CIO

56 57 Johnson & Johnson $38,009 9.2% $19,643 $18,366 69.4% 29.2% 1.0% 0.4% Neil Roache, CIO

57 60 Nokia USA $37,743 12.0% $28,785 $8,958 John Hickey, VP-Global Benefits

58 59 Delta Air Lines $37,628 9.5% $14,600 $23,028 Jon Glidden, Managing Director-Pension Investments

59 52 Exxon Mobil $35,948 -4.6% $14,110 $21,838 C.J. Kerwin, Global Pension Fund Mgr. (DB); H.M. Comer, Mgr.-Benefits Finance & Invest. (DC)

60 58 Honeywell $35,795 3.6% $20,116 $15,679 39.0% 44.0% 3.0% 14.0% Harsh Bansal, VP-Investments

61 61 Connecticut Retirement $34,899 4.3% $34,899 50.7% 24.4% 3.3% 21.6% Shawn T. Wooden, State Treasurer

62 62 Indiana Public Retirement $34,758 6.2% $29,127 $5,631 23.0% 26.7% 1.6% 48.7% Scott Davis, CIO

63 64 Alaska Retirement $33,438 5.1% $26,890 $6,548 50.9% 13.9% 1.4% 33.8% Bob G. Mitchell, CIO

64 66 Pennsylvania Employees $32,562 5.2% $29,061 $3,501 54.3% 13.7% 2.7% 29.3% Bryan Lewis, CIO (DB); Anthony Faiola, CFO (DC)

65 65 Iowa Public Employees $32,260 2.3% $32,260 41.0% 32.0% 1.0% 26.0% Karl C. Koch, CIO

66 67 Texas Employees $32,162 5.3% $28,847 $3,315 47.0% 25.0% 2.0% 26.0% Tom Tull, CIO (DB); Nora Alvarado, Program Manager (DC)

67 74 Walmart $31,894 18.3% $31,894 Sally Welborn, SVP-Global Benefits

The largest retirement funds/sponsors Ranked by total assets, in millions, as of Sept. 30.

CONTINUED ON PAGE 16




D B A S S E T M I X


Total DBassets


68 63 Chevron $31,182 -2.2% $10,196 $20,986

69 69 Texas County & District $31,013 8.3% $31,013 39.0% 20.0% 1.0% 40.0% Casey Wolf, CIO

70 68 Mississippi Employees $30,672 4.2% $28,841 $1,831 61.0% 20.0% 1.0% 18.0% Lorrie Tingle, CIO

71 70 Pfizer $30,562 9.2% $15,022 $15,540

72 71 American Airlines $30,380 10.0% $11,304 $19,076 66.7% 23.6% 9.7% Ken Menezes, Managing Director-Asset Management

73 75 San Francisco City & County $29,343 10.0% $25,806 $3,537 39.2% 14.1% 1.7% 45.0% William J. Coaker Jr., CIO (DB); Diane Chui Justen, DC Plan Manager (DC)

74 72 Texas Municipal Retirement $28,619 3.8% $28,619 37.8% 31.7% 0.2% 30.3% T.J. Carlson, CIO

75 77 National Railroad $28,467 7.4% $28,461 $6 William J. Carr III, CEO & CIO

76 73 FCA US $27,666 1.0% $20,487 $7,179

77 78 Exelon $27,065 3.8% $17,786 $9,279 37.0% 35.0% 1.0% 27.0% Douglas Brown, SVP & CIO

78 76 Shell Oil $27,048 2.1% $15,452 $11,596

79 79 Citigroup $26,909 3.4% $12,300 $14,609 16.0% 46.0% 9.0% 29.0% Pantelis Apessos, Managing Dir.-Strat. & Inv. (DB); Leonardo Rodriguez, Dir. & Sr. Inv. Officer (DC)

80 80 3M $26,712 5.9% $16,135 $10,577

81 81 General Dynamics $26,508 7.2% $10,382 $16,126

82 82 Federal Reserve Employees $25,646 3.9% $16,239 $9,407 42.7% 49.0% 0.6% 7.7% William G. Clark, CIO

83 83 Caterpillar $25,630 11.2% $13,686 $11,944 29.6% 68.2% 1.0% 1.2% Martin Rumbold, Investment Administrator (DB); Andrew Grove, Investment Administrator (DC)

84 86 New York State Deferred Comp. $25,157 13.3% $25,157 David E. Fischer, Executive Director

85 87 United Continental Holdings $24,500 11.9% $3,925 $20,575 Ted North, Managing Director-Corporate Finance

86 85 PepsiCo $23,700 4.7% $13,700 $10,000

87 89 Procter & Gamble $23,632 9.0% $2,075 $21,557

88 90 Illinois State Board $23,300 7.6% $18,610 $4,690 51.4% 33.1% 0.5% 15.0% Johara Farhadieh, Executive Director & CIO

89 88 Los Angeles Fire & Police $23,288 7.1% $23,288 55.1% 19.3% 6.5% 19.1% Tom Lopez, CIO

90 94 National Electric $23,135 9.2% $14,812 $8,323 58.3% 17.6% 0.7% 23.4% Monte Tarbox, Exec. Dir.-NEBF Investments (DB); Kevin McCormack, Sr. Investment Officer (DC)

91 84 PG&E $22,978 0.7% $16,289 $6,689 30.7% 57.9% 0.3% 11.1% Ted Huntley, Director

92 93 Louisiana Teachers $22,763 7.1% $20,481 $2,282 50.4% 16.7% 1.2% 31.7% Davorio D. Stevenson, Director-Investment Operations

93 91 Merck $22,564 4.6% $12,085 $10,479 71.0% 27.0% 2.0% Timothy Dillane, Executive Director-Pension Investments

94 95 Illinois State Universities $21,999 6.2% $19,504 $2,495 56.4% 23.2% 1.3% 19.1% Douglas C. Wesley, CIO)

95 96 World Bank $21,834 8.0% $21,834 John F. Gandolfo, Director & CIO

96 103 Microsoft $21,698 15.1% $21,698 George Zinn, Corporate VP & Treasurer

97 102 New York City Deferred Comp. $21,547 12.0% $21,547 Georgette Gestely, Director

98 92 Prudential Financial $21,520 1.0% $12,554 $8,966 10.4% 60.5% 1.4% 27.7% Gail Maytin, CIO

99 98 Kansas Public Employees $21,084 6.0% $19,928 $1,156 52.3% 23.8% 4.1% 19.8% Elizabeth Miller, CIO (DB); Laurie Rueschhoff, DC Plan Officer (DC)

100 100 Walt Disney $20,993 8.6% $12,556 $8,437 Lawrence Goldsmith, VP-Pension & Investments

101 105 Intel $20,750 13.2% $1,543 $19,207

102 101 Kentucky Teachers $20,221 4.9% $20,221 62.1% 17.4% 1.1% 19.4% Gary Harbin, Executive Secretary

103 109 Southern Co. $19,917 13.3% $13,179 $6,738 55.8% 22.8% 21.4%

104 104 National Rural Electric $19,844 7.1% $8,873 $10,971 68.0% 25.0% 2.0% 5.0% John Szczur, VP-Investment Strategy & Performance

105 99 Wespath (UMC) $19,816 1.7% $8,751 $11,065 43.1% 47.5% 0.1% 9.3% David Zellner, CIO

106 97 HP $19,583 -1.8% $10,018 $9,565

107 110 Deere $19,100 10.4% $11,900 $7,200 Jeffrey A. Trahan, VP-Pension Fund & Investments

108 106 Consolidated Edison $19,009 5.0% $14,788 $4,221 58.3% 29.1% 0.6% 12.0% Joseph McGrath, Director-Pension Management

109 108 Duke Energy $18,358 4.4% $9,227 $9,131

110 118 Deloitte $18,319 11.3% $5,313 $13,006 29.9% 56.1% 1.7% 12.3% Mary Ellen Stocks, CIO

111 115 Ernst & Young $18,310 8.2% $7,449 $10,861 Walter Kress, CIO

112 114 Operating Engineers Int’l $18,211 7.5% $18,211 58.2% 25.4% 16.4% Michael Crabtree, CEO

113 120 FMR $18,172 11.4% $18,172

114 117 CenturyLink $18,093 9.1% $10,700 $7,393 27.4% 42.8% 29.8%

115 113 Idaho Public Employees $18,064 6.0% $17,104 $960 63.0% 26.0% 0.3% 10.7% Robert M. Maynard, CIO

116 111 Georgia Employees $17,899 4.4% $16,145 $1,754 61.9% 28.1% 10.0% Charles W. Cary Jr., CIO (DB); Jim Potvin, Executive Director (DC)

117 107 International Paper $17,843 0.2% $11,628 $6,215

118 116 Los Angeles City Employees $17,840 6.8% $17,840 Rodney L. June, CIO

119 122 HCA Holdings $17,507 8.1% $628 $16,879

120 123 Arkansas Teachers $17,339 7.6% $17,339 54.8% 14.9% 1.0% 29.3% G. Wayne Greathouse, Associate Director-Investments

121 130 Abbott Laboratories $17,292 13.7% $8,903 $8,389

122 124 National Grid USA $17,207 6.8% $12,393 $4,814 Francine Kollydas, Director-Investment Management Dept.

123 125 Oklahoma Teachers $17,049 6.7% $16,882 $167 58.8% 21.9% 0.4% 18.9% Tom Spencer, Executive Director

124 146 Costco Wholesale $17,000 26.0% $17,000 Jay Tihinen, AVP-Benefits

125 126 New York City Teachers $16,980 6.6% $16,980 Susan Stang, Director-Investment Administration

126 112 MetLife $16,960 -0.8% $9,604 $7,356

127 131 Liberty Mutual $16,952 11.5% $8,050 $8,902

128 119 Hawaii Employees $16,487 1.0% $16,487 Elizabeth Burton, CIO

129 137 Oracle $16,438 10.9% $16,438 Peter Shott, VP-Human Resources

130 127 New Mexico Public Employees $16,189 2.2% $15,565 $624 37.6% 24.3% 1.1% 37.0% Dominic Garcia, CIO

131 129 West Virginia Investment $15,898 4.4% $15,898 53.3% 16.6% 0.1% 30.0% Craig Slaughter, Executive Director

132 128 Ohio Police & Fire $15,885 3.2% $15,885 29.7% 30.5% 1.6% 38.2% Theodore G. Hall, CIO

133 133 Eli Lilly $15,869 5.7% $8,678 $7,191 25.7% 14.7% 10.8% 48.8% Susan Ridlen, Assistant Treasurer

134 136 Orange County $15,869 6.5% $15,869 39.9% 16.0% 2.2% 41.9% Molly A. Murphy, CIO


19pi0023.pdf RunDate:2/4/19 FULL PAGE Color: 4/C

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D B A S S E T M I X


Total DBassets


135 135 Siemens USA $15,845 6.3% $3,567 $12,278 Eileen Leahy, VP & CIO

136 138 Aetna $15,747 6.7% $6,714 $9,033 Russell P. Smith, VP-Pension Investments

137 132 BP America $15,452 2.2% $7,261 $8,191 20.0% 59.0% 2.0% 19.0% Mark Thompson, CIO & Director-Trust Investments, Americas

138 143 Mayo Clinic $15,330 12.4% $9,045 $6,285

139 121 Nebraska Investment Council $15,024 -7.2% $13,856 $1,168 60.7% 28.3% 11.0% Michael Walden-Newman, State Investment Officer

140 153 Partners HealthCare $14,947 16.3% $6,064 $8,883

141 144 Los Angeles Water & Power $14,777 8.4% $14,777 56.4% 23.1% 1.8% 18.7% Jeremy Wolfson, CIO

142 147 Los Angeles County Deferred $14,773 11.7% $14,773 Teresa Gee, DC Plan Investment Manager

143 253/329 Bayer $14,737 79.5% $5,217 $9,520 41.3% 47.9% 0.7% 10.1% James K. Martin, Director-Trust Investments

144 141 Episcopal Church $14,730 5.9% $13,644 $1,086 Roger A. Sayler, Managing Director & CIO

145 142 Maine Public Employees $14,662 5.9% $14,623 $39 34.0% 18.7% 0.9% 46.4% Andrew H. Sawyer, CIO

146 149 California Savings Plus $14,585 10.9% $14,585 Michelle Berklacich, Administrator

147 140 Koch Industries $14,566 4.6% $6,182 $8,384

148 139 Ohio School Employees $14,556 4.2% $14,556 47.4% 13.3% 4.6% 34.7% Farouki A. Majeed, Director-Investments

149 148 New York City MTA $14,526 10.2% $8,049 $6,477

150 152 Medtronic $14,464 11.7% $3,592 $10,872

151 134 Teamsters, Central States $14,163 -5.0% $14,094 $69 27.8% 70.8% 0.5% 0.9% Mark Angerame, CFO

152 150 Blue Cross & Blue Shield $14,069 8.2% $5,494 $8,575 Jamey Sharpe, Executive Director & Chief Investment Executive

153 165 Ohio Deferred Compensation $13,980 19.5% $13,980 Keith Overly, Executive Director

154 151 Morgan Stanley $13,900 7.2% $2,700 $11,200

155 154 BAE (NA) $13,742 7.4% $6,316 $7,426

156 155 Dominion Energy $13,535 6.9% $8,943 $4,592 William J. McHugh, Assistant Treasurer-Asset Mgmt.

157 156 New Mexico Educational $13,058 3.8% $13,058 36.1% 26.3% 1.5% 36.1% Bob Jacksha, CIO

158 145 Altria $13,050 -3.6% $7,798 $5,252

159 170 PricewaterhouseCoopers $13,021 14.4% $3,176 $9,845

160 162 Bank of New York Mellon $12,967 8.4% $5,917 $7,050

161 158 San Diego County $12,941 5.9% $12,941 47.0% 23.8% 2.0% 27.2% Stephen C. Sexauer, CIO

162 169 Toyota USA $12,852 11.9% $4,044 $8,808 Soo young Der, Manager-Investment Group

163 182 U.S. Bancorp $12,795 17.5% $5,633 $7,162

164 157 IAM National $12,766 4.1% $12,220 $546 41.0% 26.0% 33.0% Jonathan S. Young, Director-Investments & 401(k) Plan

165 160 South Dakota $12,652 5.7% $12,222 $430 45.1% 19.1% 18.7% 17.1% Matt Clark, State Investment Officer

166 174 Kroger $12,603 12.1% $3,245 $9,358 Chad Redmond, Investment Manager

167 167 Target $12,550 8.2% $3,895 $8,655 25.7% 44.2% 0.1% 30.0% Al Ezban, Director-Benefits Investments

168 231 Southwest Airlines $12,493 13.2% $12,493 Elaine Parham, Sr. Manager

169 159 Kentucky Retirement $12,490 3.3% $12,490 38.7% 31.2% 4.0% 26.1% Rich Robben, Interim CIO

170 179 Cisco Systems $12,464 13.3% $12,464

171 166 Novartis US $12,357 6.4% $2,460 $9,897

172 210 National Elevator Industry $12,122 22.8% $8,586 $3,536

173 175 USAA $12,091 8.1% $5,136 $6,955 Douglas Ward, CIO

174 163 1199SEIU National $12,029 2.1% $11,957 $72 Lorraine Monchak, CIO

175 164 Allstate $12,028 2.2% $6,442 $5,586

176 161 Harris $12,000 0.3% $5,300 $6,700

177 176 Publix Super Markets $11,964 7.9% $11,964

178 189 Sammons Enterprises $11,949 11.8% $11,949

179 204 UnitedHealth $11,781 18.9% $11,781

180 177 Textron $11,770 6.4% $7,101 $4,669 Charles Van Vleet, CIO & Assistant Treasurer

181 171 Nationwide $11,726 3.6% $5,387 $6,339

182 168 Electrical Industry, Joint Board $11,720 1.5% $3,742 $7,978 48.0% 36.0% 16.0% Robert Ball, CIO

183 172 Louisiana State Employees $11,717 3.6% $11,717 60.1% 12.6% 0.5% 26.8% Robert W. Beale, CIO

184 178 PNC $11,661 5.8% $5,347 $6,314 50.0% 16.0% 11.0% 23.0%

185 188 Roche USA $11,656 8.9% $3,277 $8,379 David McDede, VP & Treasurer

186 196 FirstEnergy $11,652 11.7% $7,584 $4,068 Bill Wang, Assistant Treasurer (DB); Jennifer Buchanan, Adviser-Investment Management (DC)

187 186 Pentegra $11,637 7.3% $4,698 $6,939 35.5% 48.3% 0.1% 16.1% Scott Stone, CIO

188 173 Montana Board of Investments $11,581 2.9% $11,581 52.8% 22.6% 3.7% 20.9% Joseph M. Cullen, CIO

189 192 Bristol-Myers Squibb $11,560 10.0% $5,214 $6,346 Scott Grisin, Assistant Treasurer

190 195 CVS Health $11,475 9.8% $11,475 Carol A. DeNale, SVP & Treasurer

191 185 Michigan Municipal $11,403 5.0% $9,425 $1,978 49.6% 22.7% 1.8% 25.9% Jeb Burns, CIO

192 183 Oklahoma Public Employees $11,401 4.8% $10,242 $1,159 70.6% 29.1% 0.2% 0.1% Joseph A. Fox, Executive Director

193 184 GlaxoSmithKline USA $11,384 4.9% $4,155 $7,229

194 293 Alphabet $11,365 63.1% $11,365

195 201 BB&T $11,359 13.4% $6,483 $4,876 Jeffrey J. Schappe, CIO

196 194 Walgreens Boots Alliance $11,303 8.1% $11,303

197 207 American Electric $11,281 14.1% $6,352 $4,929 Jim Brown, Investment Specialist

198 180 New York Life $11,271 2.6% $7,217 $4,054

199 208 Travelers $11,148 12.9% $4,264 $6,884

200 191 Dell Technologies $11,120 5.0% $464 $10,656 Chris Johnson, Retirement Program Manager

Top 200 total $7,923,597

THE LARGEST RETIREMENT FUNDSPensions & Investments February 4, 2019 | 19

Rank Sponsor Assets Total DB Total DC

201 Cox Enterprises, Atlanta $11,060 $6,508 $4,552

202 Accenture, Chicago $10,997 $208 $10,789

203 Chicago Teachers $10,964 $10,964

204 Schlumberger, Houston $10,836 $4,800 $6,036

205 Cigna, Philadelphia $10,824 $4,365 $6,459

206 Tennessee Valley Authority, Knoxville $10,734 $8,149 $2,585

207 Huntington Ingalls, Newport News, Va. $10,684 $6,497 $4,187

208 IMF, Washington $10,624 $10,624

209 Sandia, Albuquerque, N.M. $10,617 $6,435 $4,182

210 University of Pennsylvania, Philadelphia $10,508 $2,001 $8,507

211 Presbyterian Church, Philadelphia $10,506 $9,740 $766

212 Comcast Holdings, Philadelphia $10,498 $10,498

213 Cook County Employees, Chicago $10,469 $10,469

214 Cargill, Minneapolis $10,424 $2,920 $7,504

215 Marsh & McLennan, New York $10,396 $5,019 $5,377

216 San Bernardino County, San Bernardino, Calif. $10,376 $10,376

217 ConocoPhillips, Houston $10,366 $2,732 $7,634

218 Sacramento County, Sacramento, Calif. $10,331 $9,237 $1,094

219 Missouri State Employees, Jefferson City $10,314 $7,997 $2,317

220 Deseret Mutual Benefit, Salt Lake City $10,276 $6,348 $3,928

221 American International Group, New York $10,186 $4,457 $5,729

222 Coca-Cola, Atlanta $10,174 $6,178 $3,996

223 Public Service Enterprise, Newark, N.J. $10,174 $6,494 $3,680

224 Delaware Public Employees, Dover $10,110 $10,110

225 Nestle USA, Solon, Ohio $10,091 $4,813 $5,278

226 Boilermaker-Blacksmith, Kansas City, Kan. $10,075 $8,559 $1,516

227 Entergy, New Orleans $10,075 $6,194 $3,881

228 Dignity Health, San Francisco $9,977 $5,059 $4,918

229 KPMG, Montvale, N.J. $9,975 $3,735 $6,240

230 Arizona Public Safety, Phoenix $9,891 $9,781 $110

231 Motorola Solutions, Schaumburg, Ill. $9,758 $4,366 $5,392

232 General Mills, Minneapolis $9,659 $6,009 $3,650

233 Evangelical Lutheran Church, Minneapolis $9,631 $9,631

234 Rhode Island Employees, Warwick $9,549 $8,412 $1,137

235 Emerson Electric, St. Louis $9,500 $4,506 $4,994

236 Kraft Heinz, Pittsburgh $9,454 $4,929 $4,525

237 Hewlett Packard Ent., Palo Alto, Calif. $9,399 $9,399

238 Sutter Health, Walnut Creek, Calif. $9,339 $4,470 $4,869

239 Ascension Health, St. Louis $9,266 $8,527 $739

240 Anthem, Indianapolis $9,255 $2,143 $7,112

241 Arkansas Employees, Little Rock $9,240 $9,240

242 Eaton, Cleveland $9,208 $3,380 $5,828

243 Johnson Controls, Milwaukee $9,173 $3,047 $6,126

244 Wyoming Retirement, Cheyenne $9,100 $8,400 $700

245 Massachusetts Deferred Comp., Boston $9,000 $9,000

246 BASF USA, Florham Park, N.J. $8,998 $3,289 $5,709

247 New Hampshire Retirement, Concord $8,931 $8,931

248 Southern California Edison, Rosemead $8,931 $4,309 $4,622

249 Sherwin-Williams, Cleveland $8,885 $1,218 $7,667

250 UFCW Joint Trust, Southern Calif., Cypress $8,881 $943 $7,938

251 Reynolds Group, Richmond, Va. $8,845 $6,502 $2,343

252 NextEra Energy, Juno Beach, Fla. $8,837 $4,116 $4,721

253 Motion Picture Industry, Studio City, Calif. $8,797 $3,975 $4,822

254 Contra Costa County, Concord, Calif. $8,788 $8,788

255 Albertsons, Boise, Idaho $8,705 $2,390 $6,315

256 MIT, Cambridge, Mass. $8,695 $3,697 $4,998

257 Harvard University, Cambridge, Mass. $8,653 $1,759 $6,894

258 Reynolds American, Winston-Salem, N.C. $8,645 $6,431 $2,214

259 Goldman Sachs, New York $8,564 $630 $7,934

260 Eversource Energy, Hartford, Conn. $8,500 $5,122 $3,378

261 Mars, Mount Olive, N.J. $8,495 $5,556 $2,939

262 Charter Communications, New York $8,480 $3,351 $5,129

263 Phillips 66, Houston $8,477 $2,923 $5,554

264 Alameda County, Oakland, Calif. $8,454 $8,454

265 United States Steel, Pittsburgh $8,369 $5,924 $2,445

266 Sanofi-Aventis, Bridgewater, N.J. $8,327 $1,877 $6,450

267 Hartford Financial, Hartford, Conn. $8,304 $3,877 $4,427


268 Union Pacific, Omaha, Neb. $8,302 $4,207 $4,095

269 Fairfax County Retirement, Fairfax, Va. $8,247 $8,247

270 Home Depot, Atlanta $8,231 $8,231

271 D.C. Retirement Board, Washington $8,198 $8,198

272 AbbVie, North Chicago, Ill. $8,171 $2,896 $5,275

273 Rockwell Collins, Cedar Rapids, Iowa $8,129 $3,704 $4,425

274 Trinity Health, Farmington Hills, Mich. $8,122 $6,891 $1,231

275 Duke University, Durham, N.C. $8,098 $1,693 $6,405

276 San Diego City $8,081 $8,081

277 Goodyear Tire & Rubber, Akron, Ohio $8,061 $5,112 $2,949

278 Stanford University, Stanford, Calif. $8,031 $276 $7,755

279 Northwestern Mutual, Milwaukee $7,960 $5,136 $2,824

280 DTE Energy, Detroit $7,936 $5,123 $2,813

281 Texas Instruments, Dallas $7,894 $1,283 $6,611

282 Parker-Hannifin, Cleveland $7,823 $2,665 $5,158

283 L3 Technologies, New York $7,751 $1,595 $6,156

284 Missouri Local Government, Jefferson City $7,722 $7,722

285 Cleveland Clinic $7,719 $1,238 $6,481

286 SUPERVALU, Eden Prairie, Minn. $7,649 $4,789 $2,860

287 UNC-Chapel Hill, Chapel Hill, N.C. $7,617 $7,617

288 UBS Financial Services, Weehawken, N.J. $7,562 $1,337 $6,225

289 Longshoremen ILWU-PMA, San Francisco $7,548 $5,599 $1,949

290 HSBC USA, Prospect Heights, Ill. $7,521 $3,579 $3,942

291 Macy’s, Cincinnati $7,520 $3,521 $3,999

292 Leidos, Reston, Va. $7,436 $7,436

293 Weyerhaeuser, Federal Way, Wash. $7,417 $5,081 $2,336

294 Apple, Cupertino, Calif. $7,412 $7,412

295 Burlington N. Santa Fe, Fort Worth, Texas $7,349 $2,502 $4,847

296 Plumbers & Pipefitters Nat’l, Alexandria, Va. $7,308 $7,303 $5

297 Marriott International, Bethesda, Md. $7,291 $7,291

298 Sysco, Houston $7,280 $3,853 $3,427

299 YMCA, New York $7,235 $7,235

300 UPMC, Pittsburgh $7,127 $2,375 $4,752

301 Xerox, Norwalk, Conn. $7,114 $2,756 $4,358

302 Sempra Energy, San Diego $7,108 $3,299 $3,809

303 Los Angeles City Deferred Comp. $7,086 $7,086

304 Aon, Chicago $7,080 $2,111 $4,969

305 Danaher, Washington $7,067 $2,106 $4,961

306 WestRock, Atlanta $6,981 $3,921 $3,060

307 Providence Health, Renton, Wash. $6,978 $52 $6,926

308 Baxter International, Deerfi eld, Ill. $6,966 $4,337 $2,629

309 Ameren, St. Louis $6,903 $4,386 $2,517

310 SunTrust, Atlanta $6,886 $3,369 $3,517

311 MUFG Americas, New York $6,842 $4,296 $2,546

312 NYU, New York $6,823 $214 $6,609

313 Cummins, Columbus, Ind. $6,812 $3,016 $3,796

314 ABA Retirement, Chicago $6,811 $6,811

315 Michelin, Greenville, S.C. $6,785 $3,225 $3,560

316 ADP, Roseland, N.J. $6,776 $2,166 $4,610

317 Southern Baptist Convention, Dallas $6,757 $6,757

318 Corning, Corning, N.Y. $6,750 $3,081 $3,669

319 CBS, New York $6,737 $2,627 $4,110

320 Xcel Energy, Minneapolis $6,711 $3,316 $3,395

321 McKinsey, New York $6,670 $81 $6,589

322 Ingersoll-Rand, Davidson, N.C. $6,622 $1,504 $5,118

323 Schneider Electric USA, Palatine, Ill. $6,619 $2,417 $4,202

324 Philips Electronics, New York $6,608 $2,004 $4,604

325 AstraZeneca US, Wilmington, Del. $6,519 $1,347 $5,172

326 Bridgestone Americas, Nashville, Tenn. $6,476 $3,870 $2,606

327 Lowes, Wilkesboro, N.C. $6,461 $6,461

328 Eastman Kodak, Rochester, N.Y. $6,454 $3,584 $2,870

329 Thomson Reuters, Stamford, Conn. $6,431 $2,046 $4,385

330 Edward Jones, St. Louis $6,428 $6,428

331 WEC Energy Group, Milwaukee $6,426 $3,228 $3,198

332 Univ. of Southern California, Los Angeles $6,417 $199 $6,218

333 Rockwell Automation, Milwaukee $6,415 $3,030 $3,385

Funds by categoryAssets are in millions as of Sept. 30.

Corporate fundsRank Fund Assets

1 AT&T $124,129

2 Boeing $123,700

3 IBM $103,254

4 General Motors $88,527

5 General Electric $80,954

6 Lockheed Martin $76,555

7 United Parcel Service $66,244

8 Bank of America $59,960

9 Ford Motor $57,710

10 DowDuPont $53,903

Public fundsRank Fund Assets

1 California Public Employees $376,859

2 California State Teachers $230,209

3 New York State Common $213,241

4 New York City Retirement $200,805

5 Florida State Board $174,721

6 Texas Teachers $153,126

7 New York State Teachers $120,088

8 Wisconsin Investment Board $114,626

9 Washington State Board $112,474

10 North Carolina $111,370

Union fundsRank Fund Assets

1 Teamsters, Western Conf. $41,764

2 National Electric $23,135

3 Operating Eng. International $18,211

4 Teamsters, Central States $14,163

5 IAM National $12,766

6 National Elevator Industry $12,122

7 1199SEIU National $12,029

8 Electrical Ind., Joint Board $11,720

9 Boilermaker-Blacksmith $10,075

10 UFCW Joint Trust - S. Calif. $8,881

Miscellaneous fundsRank Fund Assets

1 Federal Retirement Thrift $578,755

2 California University $93,296

3 United Nations Joint Staff $65,605

4 National Railroad $28,467

5 Federal Reserve Employees $25,646

6 Illinois State Universities $21,999

7 World Bank $21,834

8 National Rural Electric $19,844

9 Wespath (UMC) $19,816

10 Mayo Clinic $15,330

Top 200 assets breakdown

51.4%

35.0%

11.9%

51.0%

35.4%

11.8%

Union fund assets

Miscellaneous fund assets

Corporate fund assets

Public fund assets

1.8%

1.7%

2018

2017

The largest funds




334 Carpenters, New York City $6,401 $3,821 $2,580

335 DXC Technology, Tysons, Va. $6,400 $3,180 $3,220

336 AECOM, Los Angeles $6,370 $291 $6,079

337 Chubb, Warren, N.J. $6,363 $3,348 $3,015

338 Carpenters, Northern Calif., Oakland $6,355 $3,707 $2,648

339 Willis Towers Watson, Philadelphia $6,260 $2,986 $3,274

340 Tenet Healthcare, Dallas $6,140 $6,140

341 Arconic, Pittsburgh $6,112 $3,409 $2,703

342 Yale University, New Haven, Conn. $6,097 $6,097

343 Cornell University, Ithaca, N.Y. $6,063 $6,063

344 Ecolab, St. Paul, Minn. $6,014 $2,290 $3,724

345 Intermountain Healthcare, Salt Lake City $5,975 $2,932 $3,043

346 Capital One Financial, McLean, Va. $5,964 $253 $5,711

347 MassMutual, Springfi eld, Mass. $5,963 $2,745 $3,218

348 Vanguard Group, Valley Forge, Pa. $5,936 $5,936

349 Frontier Communications, Stamford, Conn. $5,927 $2,809 $3,118

350 MITRE, Bedford, Mass. $5,926 $5,926

351 UMWA Health & Retirement, Washington $5,912 $5,508 $404

352 Kellogg, Battle Creek, Mich. $5,901 $3,553 $2,348

353 Ericsson, Plano, Texas $5,859 $2,550 $3,309

354 North Dakota State, Bismarck $5,830 $5,830

355 Kimberly-Clark, Dallas $5,822 $1,718 $4,104

356 Thermo Fisher Scientific, Waltham, Mass. $5,822 $1,242 $4,580

357 J.C. Penney, Plano, Texas $5,775 $3,240 $2,535

358 Mount Sinai, New York $5,750 $20 $5,730

359 American Express, New York $5,728 $5,728

360 Houston Police Officers $5,697 $5,697

361 Bechtel Global, San Francisco $5,685 $5,685

362 Community Health, Franklin, Tenn. $5,673 $926 $4,747

363 Michigan State Univ., East Lansing $5,658 $5,658

364 Whirlpool, Benton Harbor, Mich. $5,643 $2,765 $2,878

365 Southwest Airlines Pilots, Dallas $5,600 $5,600

366 Colorado Fire & Police, Greenwood Village $5,567 $5,085 $482

367 CSX, Jacksonville, Fla. $5,541 $2,785 $2,756

368 Catholic Health Initiatives, Denver $5,527 $26 $5,501

369 Credit Suisse (USA), New York $5,485 $1,043 $4,442

370 PPL, Allentown, Pa. $5,461 $3,746 $1,715

371 Anheuser-Busch InBev, St. Louis $5,450 $1,489 $3,961

372 Colgate-Palmolive, New York $5,446 $1,915 $3,531

373 Vermont Pension, Montpelier $5,390 $4,652 $738

374 PPG Industries, Pittsburgh $5,383 $1,366 $4,017

375 ArcelorMittal USA, Chicago $5,374 $2,904 $2,470

376 Ventura County, Ventura, Calif. $5,370 $5,370

377 Milwaukee City $5,365 $5,365

378 Nat’l Sprinkler Local 669, Landover, Md. $5,327 $3,608 $1,719

379 Amgen, Thousand Oaks, Calif. $5,325 $5,325

380 Sheet Metal National, Fairfax, Va. $5,300 $5,202 $98

381 Northwell Health, New Hyde Park, N.Y. $5,273 $5,273

382 Booz Allen Hamilton, New York $5,249 $5,249

383 Unisys, Blue Bell, Pa. $5,239 $3,708 $1,531

384 Valero Energy, San Antonio $5,211 $2,400 $2,811

385 Marathon Petroleum, Findlay, Ohio $5,190 $1,788 $3,402

386 Eastman Chemical, Kingsport, Tenn. $5,159 $1,975 $3,184

387 Illinois Tool Works, Glenview $5,154 $1,784 $3,370

388 Montgomery County, Rockville, Md. $5,152 $4,336 $816

389 University of Chicago $5,136 $371 $4,765

390 Chicago Deferred Compensation $5,126 $5,126

391 GEICO, Washington $5,120 $1,418 $3,702

392 Philadelphia Public Employees $5,118 $5,118

393 AXA Financial, New York $5,117 $2,809 $2,308

394 Savannah River, Aiken, S.C. $5,110 $2,940 $2,170

395 Halliburton, Houston $5,104 $82 $5,022

396 Sears Holdings, Hoffman Estates, Ill. $5,103 $2,715 $2,388

397 Alcoa, Pittsburgh $5,066 $4,016 $1,050

398 R.R. Donnelley, Chicago $5,035 $3,745 $1,290

399 Boston Retirement $5,032 $5,032

400 Humana, Louisville, Ky. $5,008 $5,008


401 State Street, Boston $4,995 $941 $4,054

402 WMATA Retirement, Washington $4,979 $4,979

403 Deutsche Bank USA, Jersey City, N.J. $4,969 $1,406 $3,563

404 Nissan USA, Nashville, Tenn. $4,957 $1,734 $3,223

405 Steelworkers Pension, Trevose, Pa. $4,951 $4,951

406 Washington University, St. Louis $4,931 $4,931

407 Becton, Dickinson, Franklin Lakes, N.J. $4,927 $1,461 $3,466

408 CNA Financial, Chicago $4,913 $2,652 $2,261

409 UFCW, Atlanta, Atlanta $4,901 $4,901

410 Qualcomm, San Diego $4,896 $4,896

411 Conagra Brands, Omaha, Neb. $4,868 $3,437 $1,431

412 Fresno County, Fresno, Calif. $4,868 $4,868

413 Army & Air Force Exchange, Dallas $4,837 $4,837

414 Amazon.com, Seattle $4,820 $4,820

415 Pinnacle West, Phoenix $4,819 $3,498 $1,321

416 Saint-Gobain, Malvern, Pa. $4,794 $2,934 $1,860

417 Memorial Sloan-Kettering, New York $4,767 $1,479 $3,288

418 Air Products & Chemicals, Allentown, Pa. $4,750 $2,685 $2,065

419 Manufacturers & Traders, Buffalo, N.Y. $4,738 $2,065 $2,673

420 Sprint, Overland Park, Kan. $4,738 $1,513 $3,225

421 Principal Financial, Des Moines, Iowa $4,731 $1,730 $3,001

422 American Honda Motor, Marysville, Ohio $4,719 $4,719

423 Service Employees 32B & 32J, New York $4,713 $3,214 $1,499

424 Progressive, Mayfi eld Village, Ohio $4,706 $4,706

425 Saudi Arabian Oil, Houston $4,653 $2,161 $2,492

426 S&P Global, New York $4,612 $1,783 $2,829

427 University of Rochester, Rochester, N.Y. $4,610 $4,610

428 California Inst. of Technology, Pasadena $4,609 $4,609

429 Sony Music Entertainment, New York $4,607 $804 $3,803

430 Battelle, Columbus, Ohio $4,603 $2,521 $2,082

431 AK Steel, West Chester, Ohio $4,601 $2,401 $2,200

432 John Hancock, Boston $4,581 $2,611 $1,970

433 Robert Bosch, Broadview, Ill. $4,558 $1,551 $3,007

434 Carpenters, New England, Wilmington, Mass. $4,551 $4,551

435 Con-way, San Mateo, Calif. $4,550 $1,853 $2,697

436 Fannie Mae, Washington $4,539 $2,038 $2,501

437 SAP America, Newtown Square, Pa. $4,529 $4,529

438 CSRA, Falls Church, Va. $4,524 $2,472 $2,052

439 NTCA, Arlington, Va. $4,515 $2,463 $2,052

440 San Mateo County, Redwood City, Calif. $4,511 $4,511

441 Carpenters, Southwest, Albuquerque, N.M. $4,509 $4,509

442 Operating Eng. Local 3, Alameda, Calif. $4,495 $4,175 $320

443 Valvoline, Lexington, Ky. $4,485 $2,653 $1,832

444 Quest Diagnostics, Teterboro, N.J. $4,461 $4,461

445 Norfolk Southern, Norfolk, Va. $4,442 $2,424 $2,018

446 McKesson, San Francisco $4,441 $348 $4,093

447 Inter-Amer. Dev. Bank, Washington $4,439 $4,439

448 Florida Deferred Comp., Tallahassee $4,438 $4,438

449 Molson Coors Brewing, Denver $4,430 $2,011 $2,419

450 Nucor, Charlotte, N.C. $4,420 $4,420

451 Sony America, New York $4,414 $748 $3,666

452 Vanderbilt University, Nashville, Tenn. $4,404 $4,404

453 Kansas Regents, Topeka, Kan. $4,399 $4,399

454 Operating Eng. Midwest, Countryside, Ill. $4,399 $4,310 $89

455 Regions Financial, Birmingham, Ala. $4,367 $2,294 $2,073

456 Archer Daniels Midland, Decatur, Ill. $4,360 $2,005 $2,355

457 Campbell Soup, Camden, N.J. $4,346 $3,026 $1,320

458 CMS/Consumers Energy, Jackson, Mich. $4,343 $2,714 $1,629

459 Carpenters, Chicago $4,320 $3,745 $575

460 CenterPoint Energy, Houston $4,314 $1,939 $2,375

461 Louisiana Parochial Empl., Baton Rouge $4,301 $4,301

462 Kinder Morgan, Houston $4,266 $2,031 $2,235

463 Avaya, Santa Clara, Calif. $4,265 $2,540 $1,725

464 Comerica, Dallas $4,260 $2,667 $1,593

465 Phoenix City $4,260 $2,444 $1,816

466 Kern County Employees, Bakersfi eld, Calif. $4,252 $4,252

467 Major League Baseball, New York $4,231 $3,614 $617


Funds by typeAssets are in millions as of Sept. 30.

DB plansRank Fund Assets

1 California Public Employees $375,117

2 California State Teachers $229,181

3 New York State Common $213,241

4 New York City Retirement $200,805


6 Texas Teachers $153,126

7 New York State Teachers $120,088

8 Wisconsin Investment Board $109,329


10 Ohio Public Employees $99,103

DC plansRank Fund Assets

1 Federal Retirement Thrift $578,755

2 AT&T $65,478

3 Boeing $64,000

4 IBM $54,047

5 Wells Fargo $42,900

6 Lockheed Martin $41,396

7 Bank of America $40,672

8 Verizon $34,560

9 Walmart $31,894

10 J.P. Morgan Chase $28,744

Public DC plansRank Fund Assets

1 New York State Def. Comp. $25,157

2 New York City Def. Comp. $21,547

3 Washington State Board $19,048

4 New York City Teachers $16,980

5 Los Angeles Co. Deferred $14,773

6 California Savings Plus $14,585

7 Ohio Deferred Comp. $13,980



10 Minnesota State Board $9,343

Top 200 assets breakdown

2018

2017

70.1%

29.9%

68.8%

31.2%

Defined contribution assets

Defined benefit assets

The largest funds

20 | February 4, 2019 Pensions & Investments



468 KeyCorp, Cleveland $4,214 $1,192 $3,022

469 Chicago Municipal Employees $4,207 $4,207

470 Amsted Industries, Chicago $4,206 $172 $4,034

471 PACCAR, Bellevue, Wash. $4,191 $2,230 $1,961

472 Bakery & Confectionery, Kensington, Md. $4,176 $4,176

473 Sentara Healthcare, Norfolk, Va. $4,171 $2,069 $2,102

474 Houston Firefighters $4,168 $4,168

475 UFCW, Northern California, Concord $4,159 $3,864 $295

476 Adventist Healthcare, Bolingbrook, Ill. $4,146 $202 $3,944

477 Maryland Supplemental, Baltimore $4,129 $4,129

478 Baker Hughes, Sugar Land, Texas $4,110 $683 $3,427

479 Nike, Beaverton, Ore. $4,097 $4,097

480 ECA & Local 134 IBEW, Chicago $4,093 $1,780 $2,313

481 Bechtel Marine Propulsion, West Miffl in, Pa. $4,087 $2,261 $1,826

482 Lutherans - Missouri Synod, St. Louis $4,085 $3,565 $520

483 Painters & Allied Trades, Washington $4,066 $3,513 $553

484 Genuine Parts, Atlanta $4,042 $2,057 $1,985

485 Alaska Air, Seattle $4,039 $1,721 $2,318

486 Winco Foods, Boise, Idaho $4,038 $4,038

487 University of Kentucky, Lexington $4,027 $4,027

488 Charles Schwab, San Francisco $4,026 $4,026

489 Northern Trust, Chicago $4,025 $1,607 $2,418

490 Insperity, Kingwood, Texas $4,017 $4,017

491 Zurich American, Schaumburg, Ill. $4,015 $1,504 $2,511

492 BJC HealthCare, St. Louis $4,006 $2,408 $1,598

493 Louisiana Sheriffs, Baton Rouge $3,963 $3,963

494 Highmark, Pittsburgh $3,946 $2,366 $1,580

495 FM Global, Johnson, R.I. $3,944 $2,662 $1,282

496 Iberdrola USA, Rochester, N.Y. $3,937 $1,933 $2,004

497 B&W Technical Y-12, Oak Ridge, Tenn. $3,935 $2,514 $1,421

498 Capital Group, Los Angeles $3,934 $2,548 $1,386

499 Carpenters, New Jersey, Edison $3,933 $1,521 $2,412

500 Hearst, New York $3,930 $2,461 $1,469

501 New York State Nurses, Albany $3,929 $3,929

502 Atlanta City $3,909 $3,561 $348

503 Food Lion, Salisbury, N.C. $3,887 $1,119 $2,768

504 RELX, New York $3,885 $1,403 $2,482

505 CH2M HILL, Englewood, Colo. $3,852 $377 $3,475

506 Meijer, Grand Rapids, Mich. $3,839 $2,681 $1,158

507 Northwestern University, Evanston, Ill. $3,831 $3,831

508 SAG - Producers, Burbank, Calif. $3,823 $3,823

509 Voya Financial, Atlanta $3,820 $1,810 $2,010

510 McDonald’s, Oak Brook, Ill. $3,803 $3,803

511 Ahold USA, Quincy, Mass. $3,778 $1,013 $2,765

512 Rite Aid, Harrisburg, Pa. $3,763 $3,763

513 Boehringer Ingelheim, Ridgefi eld, Conn. $3,737 $1,674 $2,063

514 Tyco Electronics, Berwyn, Pa. $3,729 $1,077 $2,652

515 Twenty-First Century Fox, New York $3,694 $1,086 $2,608

516 Guardian Life, New York $3,689 $2,281 $1,408

517 Ball, Broomfi eld, Colo. $3,688 $1,180 $2,508

518 Celanese Americas, Dallas $3,677 $2,936 $741

519 Directors Guild-Producer, Los Angeles $3,666 $1,774 $1,892

520 Fluor, Irving, Texas $3,661 $3,661

521 San Jose Police & Fire, San Jose, Calif. $3,659 $3,659

522 Hallmark Cards, Kansas City, Mo. $3,657 $577 $3,080

523 Boston Scientific, Natick, Mass. $3,632 $3,632

524 Nashville & Davidson County, Nashville, Tenn. $3,624 $3,293 $331

525 Mondelez International, Deerfi eld, Ill. $3,620 $1,758 $1,862

526 Univ. of Missouri Curators, Columbia $3,609 $3,609

527 Dallas City Employees $3,599 $3,599

528 Laborers, Chicago & Vicinity, Westchester, Ill. $3,597 $3,597

529 Montefiore Medical Center, Bronx, N.Y. $3,590 $29 $3,561

530 Triumph Group, Berwyn, Pa. $3,589 $2,490 $1,099

531 Health Care Service, Chicago $3,582 $1,584 $1,998

532 Precision Castparts, Portland, Ore. $3,568 $1,727 $1,841

533 TD Bank, Portland, Maine $3,565 $479 $3,086

534 American Nat’l Red Cross, Washington $3,562 $2,417 $1,145


535 Carpenters, Ohio, Cleveland $3,555 $3,246 $309

536 Praxair, Danbury, Conn. $3,544 $1,701 $1,843

537 Nordstrom, Seattle $3,513 $3,513

538 Occidental Petroleum, Houston $3,495 $106 $3,389

539 Maryland Optional, Baltimore $3,480 $3,480

540 Emory University, Atlanta $3,472 $3,472

541 NiSource, Merrillville, Ind. $3,463 $1,998 $1,465

542 Pipefitters Local 597, Chicago $3,437 $2,203 $1,234

543 Boston University $3,426 $3,426

544 Kentucky Deferred Comp., Frankfort $3,425 $3,425

545 Stryker, Kalamazoo, Mich. $3,415 $3,415

546 Ricoh USA, Atlanta $3,414 $1,025 $2,389

547 Oncor Electric Delivery, Dallas $3,405 $2,587 $818

548 Cardinal Health, Dublin, Ohio $3,386 $3,386

549 United Church of Christ, New York $3,369 $3,369

550 Stanford Hospital, Stanford, Calif. $3,361 $240 $3,121

551 Hormel Foods, Austin, Minn. $3,353 $1,459 $1,894

552 IBEW International, Washington $3,327 $3,236 $91

553 TJX, Framingham, Mass. $3,325 $1,439 $1,886

554 San Antonio Fire & Police $3,323 $3,323

555 Burns & McDonnell, Kansas City, Mo. $3,316 $13 $3,303

556 Teamsters Local 710, Chicago $3,314 $3,314

557 Producer-Writers Guild, Burbank, Calif. $3,313 $3,313

558 Allergan, Irvine, Calif. $3,312 $751 $2,561

559 BMO Harris Bank, Chicago $3,302 $1,226 $2,076

560 Gannett, McLean, Va. $3,296 $1,835 $1,461

561 Stanley Black & Decker, New Britain, Conn. $3,296 $1,230 $2,066

562 Montgomery Pub. Schools, Rockville, Md. $3,295 $1,757 $1,538

563 Unum Group, Chattanooga, Tenn. $3,290 $1,621 $1,669

564 Newell Brands, Hoboken, N.J. $3,286 $1,301 $1,985

565 Olin, Clayton, Mo. $3,284 $2,414 $870

566 Harley-Davidson, Milwaukee $3,281 $2,222 $1,059

567 Allegheny Technologies, Pittsburgh $3,260 $2,090 $1,170

568 Enterprise Rent-A-Car, St. Louis $3,260 $3,260

569 FIS, Jacksonville, Fla. $3,246 $3,246

570 Navistar, Lisle, Ill. $3,241 $2,136 $1,105

571 Lincoln National, Radnor, Pa. $3,232 $1,056 $2,176

572 LyondellBasell, Houston $3,232 $1,482 $1,750

573 Pitney Bowes, Stamford, Conn. $3,229 $1,594 $1,635

574 Salt River Valley, Tempe, Ariz. $3,228 $2,298 $930

575 Farmers Group, Los Angeles $3,221 $3,221

576 Solvay USA, Princeton, N.J. $3,217 $1,319 $1,898

577 Idaho National Laboratory, Idaho Falls $3,212 $1,908 $1,304

578 Iron Workers, California, Pasadena $3,175 $2,232 $943

579 Omnicom Group, New York $3,166 $3,166

580 ABB, Norwalk, Conn. $3,163 $1,042 $2,121

581 Parsons, Pasadena, Calif. $3,158 $3,158

582 Hanford Site, Richland, Wash. $3,138 $1,475 $1,663

583 Applied Materials, Santa Clara, Calif. $3,126 $3,126

584 Graham Holdings, Washington $3,125 $2,400 $725

585 Tribune, Chicago $3,116 $1,760 $1,356

586 Santa Barbara County, Santa Barbara, Calif. $3,104 $3,104

587 Beaumont Hospitals, Royal Oak, Mich. $3,097 $1,249 $1,848

588 Anadarko Petroleum, The Woodlands, Texas $3,094 $1,406 $1,688

589 KBR, Houston $3,080 $88 $2,992

590 Citizens Financial, Providence, R.I. $3,077 $1,166 $1,911

591 Banner Health, Phoenix $3,069 $139 $2,930

592 NCR, Duluth, Ga. $3,063 $1,481 $1,582

593 Laborers, Northern Calif., Fairfi eld $3,062 $2,599 $463

594 Fresno City Retirement, Fresno, Calif. $3,061 $2,869 $192

595 Unilever USA, Englewood Cliffs, N.J. $3,056 $1,152 $1,904

596 Auto Club of S. Calif., Costa Mesa $3,055 $2,042 $1,013

597 Fiserv, Brookfi eld, Wis. $3,055 $6 $3,049

598 Laborers, Massachusetts, Burlington $3,054 $1,624 $1,430

599 Publicis USA, Chicago $3,046 $225 $2,821

600 Carpenters, Empire State, Hauppauge, N.Y. $3,028 $3,028

Average DB plan asset mixesAs of Sept. 30.

Top 200 plansCorporate plans 2018 2017

Domestic stock 15.0% 20.5%

International stock 10.0% 13.8%

Global equity 10.2% 4.4%

Domestic fixed income 43.4% 38.8%

Global/int’l fixed income 1.5% 1.6%

Cash 2.4% 3.0%

Private equity 6.2% 5.7%

Real estate equity 4.7% 4.8%

Alternative investments 4.9% 6.0%

Other 1.7% 1.4%

Public plans 2018 2017






Cash 1.6% 1.6%




Other 1.8% 2.4%

Union plans 2018 2017






Cash 0.6% 0.4%




Other 0.0% 0.6%

Top 1,000 plansCorporate plans 2018 2017






Cash 2.3% 2.9%




Other 1.7% 1.4%






Global/Int'l fixed income 2.2% 2.2%

Cash 1.4% 1.8%




Other 1.9% 2.3%







Cash 0.7% 0.5%




Other 0.9% 1.6%






601 Oldcastle, Atlanta $3,028 $291 $2,737

602 Allina Health, Minneapolis $2,996 $41 $2,955

603 Advance Publications, New York $2,976 $1,591 $1,385

604 Hartford HealthCare, Hartford, Conn. $2,975 $1,667 $1,308

605 Detroit Police & Fire $2,973 $2,973

606 ARAMARK, Philadelphia $2,966 $1,440 $1,526

607 Hess, New York $2,964 $2,187 $777

608 Williams, Tulsa, Okla. $2,950 $1,484 $1,466

609 Manhattan & Bronx Surface, New York $2,946 $2,946

610 San Joaquin County, Stockton, Calif. $2,940 $2,940

611 AFTRA, New York $2,939 $2,939

612 Seattle City Employees $2,902 $2,902

613 Case New Holland, Burr Ridge, Ill. $2,874 $1,235 $1,639

614 Smithfield Foods, Smithfi eld, Va. $2,870 $1,822 $1,048

615 W.W. Grainger, Lake Forest, Ill. $2,866 $2,866

616 H.E. Butt Grocery, San Antonio $2,862 $2,862

617 Houston Municipal $2,862 $2,862

618 Retail Clerks, Washington, Seattle $2,861 $2,861

619 University of Wisconsin, Madison $2,859 $2,859

620 Baltimore Fire & Police $2,855 $2,855

621 American Family, Madison, Wis. $2,849 $1,551 $1,298

622 Baltimore County, Towson, Md. $2,845 $2,845

623 Sentry Insurance, Stevens Point, Wis. $2,836 $1,526 $1,310

624 Operating Engineers Local 18, Cleveland $2,827 $2,827

625 Quad/Graphics, Sussex, Wis. $2,826 $472 $2,354

626 Chicago Policemen $2,821 $2,821

627 Express Scripts, Franklin Lakes, N.J. $2,821 $2,821

628 Hawaii Deferred Compensation, Honolulu $2,821 $2,821

629 New York Times, New York $2,820 $1,571 $1,249

630 VF Corp., Greensboro, N.C. $2,812 $1,696 $1,116

631 Ryder System, Miami $2,805 $1,431 $1,374

632 Santa Clara County Def., San Jose, Calif. $2,798 $2,798

633 Savings Banks Employees, Woburn, Mass. $2,790 $1,766 $1,024

634 Sonoma County, Santa Rosa, Calif. $2,775 $2,775

635 PacifiCorp, Portland, Ore. $2,760 $1,202 $1,558

636 Fairfax County Education, Springfi eld, Va. $2,759 $2,759

637 Laborers International, Washington $2,749 $2,647 $102

638 Estee Lauder, Melville, N.Y. $2,748 $910 $1,838

639 Arlington County, Arlington, Va. $2,737 $2,737

640 University of Miami, Coral Gables, Fla. $2,737 $2,737

641 HDR, Omaha, Neb. $2,727 $2,727

642 Hershey, Hershey, Pa. $2,727 $1,055 $1,672

643 UBS Investment Bank, Stamford, Conn. $2,721 $441 $2,280

644 Oklahoma Firefighters, Oklahoma City $2,720 $2,720

645 SAS Institute, Cary, N.C. $2,718 $2,718

646 Carpenters, St. Louis $2,712 $2,712

647 Daimler Trucks, Portland, Ore. $2,711 $1,223 $1,488

648 Barclays Bank, New York $2,705 $785 $1,920

649 Freeport-McMoRan, Phoenix $2,701 $787 $1,914

650 Memphis City, Memphis, Tenn. $2,683 $2,372 $311

651 US Foods, Rosemont, Ill. $2,680 $944 $1,736

652 Austin Employees, Austin, Texas $2,676 $2,676

653 T-Mobile, Bellevue, Wash. $2,676 $2,676

654 Thrivent Fin’l for Lutherans, Minneapolis $2,675 $1,080 $1,595

655 Waste Management, Houston $2,672 $116 $2,556

656 RBC Wealth Mgmt., Minneapolis $2,660 $2,660

657 Land O’Lakes, St. Paul, Minn. $2,654 $1,055 $1,599

658 Aerospace, El Segundo, Calif. $2,653 $2,301 $352

659 Amica Mutual Insurance, Providence, R.I. $2,644 $2,010 $634

660 Jacobs Engineering, Pasadena, Calif. $2,632 $152 $2,480

661 Georgetown University, Washington $2,627 $199 $2,428

662 Blue Cross/Shield of Mich., Detroit $2,614 $1,402 $1,212

663 T. Rowe Price, Baltimore $2,614 $2,614

664 Iowa Fire & Police, West Des Moines $2,608 $2,608

665 Teamsters Trucking, N.E., Burlington, Mass. $2,606 $2,606

666 Oklahoma Police, Oklahoma City $2,603 $2,603

667 Pennsylvania Municipal, Harrisburg $2,596 $2,596


668 Westinghouse Elec., Cranberry Township, Pa. $2,584 $1,130 $1,454

669 NXP Semiconductors, Austin, Texas $2,562 $2,562

670 Marin County Empl., San Rafael, Calif. $2,556 $2,556

671 Tyson Foods, Springdale, Ark. $2,551 $67 $2,484

672 Verisk Analytics, Jersey City, N.J. $2,546 $586 $1,960

673 Henkel, Rocky Hill, Conn. $2,544 $869 $1,675

674 Operating Eng. 302 & 612, Bothell, Wash. $2,538 $2,538

675 Bloomberg, New York $2,535 $2,535

676 Interpublic Group, New York $2,533 $110 $2,423

677 Fifth Third, Cincinnati $2,528 $190 $2,338

678 Fresenius Medical Care, Waltham, Mass. $2,527 $2,527

679 Volvo Group, Greensboro, N.C. $2,509 $1,259 $1,250

680 Sidley Austin, Chicago $2,504 $951 $1,553

681 Service Employees Int’l, Washington $2,503 $2,503

682 Pipe Trades, Twin Cities, St. Paul, Minn. $2,496 $1,301 $1,195

683 Georgia Municipal, Atlanta $2,476 $2,476

684 Pearson, New York $2,475 $132 $2,343

685 Johns Hopkins, Baltimore $2,474 $1,407 $1,067

686 Puerto Rico Teachers, Hato Rey $2,474 $2,474

687 UnityPoint Health, West Des Moines, Iowa $2,459 $460 $1,999

688 Prince George’s County, Largo, Md. $2,447 $2,023 $424

689 Assurant, New York $2,442 $1,045 $1,397

690 Bert Bell/Pete Rozelle NFL, Baltimore $2,440 $2,440

691 Intercontinental Exchange, Atlanta $2,437 $890 $1,547

692 Cincinnati City $2,429 $2,429

693 Princeton University, Princeton, N.J. $2,414 $2,414

694 Jacksonville Gen’l Empl., Jacksonville, Fla. $2,413 $2,413

695 Equity League, New York $2,412 $2,095 $317

696 Carpenters, Philadelphia $2,406 $2,189 $217

697 NYC Hotel Trades, New York $2,404 $1,861 $543

698 Cerner, Kansas City, Mo. $2,402 $2,402

699 Tallahassee City, Tallahassee, Fla. $2,394 $1,735 $659

700 Denver Employees $2,388 $2,388

701 Roofers United, Washington $2,382 $2,347 $35

702 Building Trades United, Elm Grove, Wis. $2,367 $2,367

703 Dun & Bradstreet, Short Hills, N.J. $2,365 $1,283 $1,082

704 Kohler, Kohler, Wis. $2,357 $1,389 $968

705 Wellington Mgmt., Boston $2,352 $152 $2,200

706 JetBlue Airways, Long Island City, N.Y. $2,351 $2,351

707 San Jose Federated City, San Jose, Calif. $2,341 $2,341

708 Los Angeles County MTA, Los Angeles $2,340 $1,497 $843

709 Andersen, Bayport, Minn. $2,332 $890 $1,442

710 IBEW 11, 440, 441, 477, City of Commerce, Calif. $2,332 $1,401 $931

711 BlackRock, New York $2,324 $2,324

712 George Washington Univ., Washington $2,324 $2,324

713 MPERS, Jefferson City, Mo. $2,313 $2,313

714 Dana, Maumee, Ohio $2,301 $1,550 $751

715 Brunswick, Lake Forest, Ill. $2,300 $725 $1,575

716 Operating Eng. Local 12, Pasadena, Calif. $2,300 $2,300

717 Fort Worth Employees, Fort Worth, Texas $2,298 $2,298

718 McClatchy, Sacramento, Calif. $2,290 $1,515 $775

719 Teamsters, Central Pa., Reading $2,290 $1,078 $1,212

720 Anne Arundel County, Annapolis, Md. $2,283 $2,015 $268

721 Freddie Mac, McLean, Va. $2,278 $53 $2,225

722 New Jersey Transit, Maplewood $2,264 $2,264

723 USG, Chicago $2,261 $1,394 $867

724 L’Oreal USA, Clark, N.J. $2,254 $978 $1,276

725 Bimbo Bakeries USA, Horsham, Pa. $2,250 $1,144 $1,106

726 Sonoco Products, Hartsville, S.C. $2,249 $1,165 $1,084

727 Rolls-Royce (NA), Reston, Va. $2,245 $788 $1,457

728 United Steelworkers Int’l, Nashville, Tenn. $2,245 $1,890 $355

729 CITGO Petroleum, Tulsa, Okla. $2,242 $1,115 $1,127

730 Jones Day, Cleveland $2,235 $718 $1,517

731 Lubrizol, Wickliffe, Ohio $2,233 $798 $1,435

732 Christiana Care Health, Wilmington, Del. $2,194 $996 $1,198

733 Energy Transfer, Dallas $2,194 $716 $1,478

734 Syngenta, Wilmington, Del. $2,191 $751 $1,440

Average DC plan asset mixesAs of Sept. 30.

Top 200 plansCorporate plans 2018 2017

Sponsoring co. stock 12.7% 13.4%

Other domestic stock 34.6% 32.6%


Fixed income 5.0% 5.6%

Stable value 10.1% 9.6%

Cash 1.8% 2.1%

Target date 19.9% 20.4%

Inflation protection 0.5% 0.4%

Annuities 0.3% 0.2%

Other 8.3% 8.4%






Cash 2.4% 1.9%



Annuities 0.1% 0.7%

Other 5.8% 6.0%






Cash 0.0% 0.0%



Annuities 0.0% 0.0%

Other 0.0% 0.0%

Top 1,000 plansCorporate plans 2018 2017

Sponsoring co. stock 11.6% 12.5%

Other domestic stock 35.7% 33.6%




Cash 1.8% 1.9%



Annuities 0.2% 0.2%

Other 7.2% 7.3%






Cash 2.3% 1.9%



Annuities 0.1% 0.7%

Other 5.6% 5.9%






Cash 0.3% 0.1%



Annuities 0.0% 0.0%

Other 2.7% 2.2%



735 Arkansas Local Police & Fire, Little Rock $2,190 $2,190

736 Lehigh Hanson, Las Colinas, Texas $2,190 $1,320 $870

737 Hawaiian Electric Industries, Honolulu $2,189 $1,610 $579

738 Louisiana Municipal Police, Baton Rouge $2,182 $2,182

739 Clorox, Oakland, Calif. $2,181 $460 $1,721

740 Stanislaus County, Modesto, Calif. $2,179 $2,179

741 Dallas Police & Fire $2,175 $2,175

742 Laborers, Southern California, El Monte $2,173 $2,173

743 Micron Technology, Boise, Idaho $2,172 $2,172

744 Hilton Hotels, Beverly Hills, Calif. $2,171 $355 $1,816

745 Tampa Fire & Police, Tampa, Fla. $2,159 $2,159

746 Depository Trust & Clearing, New York $2,155 $975 $1,180

747 Ameriprise Financial, Minneapolis $2,151 $2,151

748 Louisiana Deferred Comp., Baton Rouge $2,147 $2,147

749 Carpenters, Illinois, Geneva $2,136 $2,057 $79

750 Laborers, Minnesota, Mendota Heights $2,135 $2,135

751 Discover, Riverwoods, Ill. $2,134 $521 $1,613

752 Mutual of Omaha, Omaha, Neb. $2,130 $1,094 $1,036

753 Dover, New York $2,124 $633 $1,491

754 Laborers, Ohio, Westerville $2,124 $2,124

755 Tesoro, San Antonio $2,121 $596 $1,525

756 Graphic Packaging, Atlanta $2,114 $1,105 $1,009

757 IBEW Local 103, Boston $2,106 $1,159 $947

758 Laboratory Corp. of America, Burlington, N.C. $2,106 $297 $1,809

759 Alaska Electrical, Anchorage $2,104 $1,932 $172

760 Owens Corning, Toledo, Ohio $2,101 $883 $1,218

761 Hy-Vee, West Des Moines, Iowa $2,098 $2,098

762 General Reinsurance, Stamford, Conn. $2,091 $489 $1,602

763 Visa, Foster City, Calif. $2,090 $2,090

764 Carpenters, West. Washington, Seattle $2,083 $1,581 $502

765 Black & Veatch, Kansas City, Mo. $2,079 $2,079

766 Christian Brothers, Romeoville, Ill. $2,078 $1,544 $534

767 Owens-Illinois, Perrysburg, Ohio $2,062 $1,428 $634

768 NewPage, Miamisburg, Ohio $2,059 $1,297 $762

769 Colorado County, Littleton $2,052 $2,052

770 Windstream, Little Rock, Ark. $2,044 $869 $1,175

771 Detroit General Retirement $2,041 $2,041

772 FMC, Philadelphia $2,040 $1,398 $642

773 Puerto Rico Electric Power, San Juan $2,039 $2,039

774 UMass Memorial Health Care, Worcester $2,037 $904 $1,133

775 Federal-Mogul, Southfi eld, Mich. $2,030 $981 $1,049

776 MasterCard, Purchase, N.Y. $2,030 $320 $1,710

777 AGL Resources, Atlanta $2,017 $1,144 $873

778 Talen Energy, Allentown, Pa. $2,007 $1,652 $355

779 SCANA, Cayce, S.C. $2,002 $871 $1,131

780 Syracuse University, Syracuse, N.Y. $2,001 $2,001

781 Delphi, Troy, Mich. $1,997 $1,997

782 McMaster-Carr Supply, Elmhurst, Ill. $1,993 $1,993

783 Office Depot, Boca Raton, Fla. $1,993 $936 $1,057

784 Carnegie Mellon University, Pittsburgh $1,990 $1,990

785 Transocean, Houston $1,987 $1,339 $648

786 CHS, Inver Grove Heights, Minn. $1,980 $862 $1,118

787 Laborers Local 731, Astoria, N.Y. $1,979 $1,471 $508

788 Operating Eng. Local 825, Newark, N.J. $1,979 $831 $1,148

789 MidAmerican Energy, Des Moines, Iowa $1,972 $763 $1,209

790 Louisiana Schools, Baton Rouge $1,970 $1,970

791 Bemis, Neenah, Wis. $1,969 $755 $1,214

792 Starbucks, Seattle $1,967 $1,967

793 Jacksonville Police & Fire, Jacksonville, Fla. $1,966 $1,959 $7

794 Armstrong World Indust., Lancaster, Pa. $1,959 $1,568 $391

795 Cultural Institutions, New York $1,954 $1,369 $585

796 Nielsen, New York $1,951 $282 $1,669

797 Seagate Technology, Scotts Valley, Calif. $1,944 $1,944

798 Fidelity National, Jacksonville, Fla. $1,939 $1,939

799 Graybar Electric, St. Louis $1,937 $681 $1,256

800 Viacom, New York $1,936 $544 $1,392

801 National Oilwell Varco, Houston $1,930 $331 $1,599


802 Best Buy, Richfi eld, Minn. $1,927 $1,927

803 Lifetouch, Eden Prairie, Minn. $1,922 $1,922

804 FMC Technologies, Houston $1,913 $589 $1,324

805 Huntington Bancshares, Columbus, Ohio $1,912 $925 $987

806 University of Oregon, Eugene $1,909 $1,909

807 Sappi Fine Paper, Boston $1,907 $1,038 $869

808 Masco, Taylor, Mich. $1,902 $469 $1,433

809 CBRE, Los Angeles $1,901 $1,901

810 Aerojet Rocketdyne, Rancho Cordova, Calif. $1,900 $983 $917

811 Ametek, Paoli, Pa. $1,896 $632 $1,264

812 Vulcan Materials, Birmingham, Ala. $1,894 $861 $1,033

813 S.C. Johnson & Son, Racine, Wis. $1,887 $590 $1,297

814 CA Inc., Islandia, N.Y. $1,885 $1,885

815 Rio Tinto America, South Jordan, Utah $1,884 $1,223 $661

816 Sodexo, Gaithersburg, Md. $1,882 $1,882

817 Latham & Watkins, Los Angeles $1,876 $186 $1,690

818 First Data, Greenwood Village, Colo. $1,875 $203 $1,672

819 Seafarers, Camp Springs, Md. $1,871 $1,700 $171

820 Navy Exchange, New York $1,863 $1,863

821 Memphis Light Gas & Water, Memphis, Tenn. $1,861 $1,861

822 Devon Energy, Oklahoma City $1,857 $1,032 $825

823 American Fed. of Musicians, New York $1,844 $1,844

824 Teamsters, Philadelphia, Pennsauken, N.J. $1,840 $1,840

825 Adobe Systems, San Jose, Calif. $1,837 $1,837

826 Iowa Administrative Svcs., Des Moines $1,836 $1,836

827 University of Maine, Bangor $1,832 $34 $1,798

828 CB&I, Baton Rouge, La. $1,831 $1,831

829 Chicago Transit Authority $1,823 $1,823

830 Avery Dennison, Pasadena, Calif. $1,822 $750 $1,072

831 Baltimore City $1,819 $1,819

832 Snap-on, Kenosha, Wis. $1,816 $1,203 $613

833 Industrial Workers Timber, Portland, Ore. $1,813 $1,496 $317

834 Dartmouth College, Hanover, N.H. $1,812 $149 $1,663

835 Peabody, St. Louis $1,791 $826 $965

836 YRC Worldwide, Overland Park, Kan. $1,785 $1,025 $760

837 Allianz of America, Novato, Calif. $1,784 $537 $1,247

838 UFCW International, D.C., Washington $1,782 $1,704 $78

839 NV Energy, Reno, Nev. $1,780 $981 $799

840 TOTAL, Houston $1,775 $1,103 $672

841 University of Notre Dame, South Bend, Ind. $1,774 $1,774

842 Jones Lang LaSalle, Chicago $1,773 $1,773

843 SEPTA, Philadelphia $1,773 $1,773

844 Akzo Nobel, Chicago $1,759 $319 $1,440

845 Swagelok, Solon, Ohio $1,756 $1,756

846 Newmont Mining, Greenwood Village, Colo. $1,755 $1,035 $720

847 GROWMARK, Bloomington, Ill. $1,750 $1,316 $434

848 Tacoma Employees, Tacoma, Wash. $1,748 $1,748

849 Carpenters, Twin Cities, Bloomington, Minn. $1,746 $1,746

850 Old Republican International, Chicago $1,744 $477 $1,267

851 Skadden, Arps, Slate, New York $1,737 $61 $1,676

852 Milwaukee County $1,736 $1,736

853 TECO Energy, Tampa, Fla. $1,735 $795 $940

854 Nassau County Def. Comp., Mineola, N.Y. $1,732 $1,732

855 Blue Cross/Shield of Mass., Boston $1,721 $1,003 $718

856 BancWest, San Francisco $1,718 $254 $1,464

857 Carpenter Technology, Reading, Pa. $1,718 $1,050 $668

858 National Railroad Passenger, Washington $1,710 $456 $1,254

859 Brown University, Providence, R.I. $1,708 $1,708

860 ONE Gas, Tulsa, Okla. $1,708 $903 $805

861 Timken, North Canton, Ohio $1,704 $526 $1,178

862 East Bay Municipal Utility, Oakland, Calif. $1,703 $1,703

863 Louisiana Firefighters, Baton Rouge $1,698 $1,698

864 Gap, San Francisco $1,696 $1,696

865 UFCW Midwest, Park Ridge, Ill. $1,691 $1,691

866 CPS Energy, San Antonio $1,690 $1,690

867 Intuit, Mountain View, Calif. $1,685 $1,685

Top 200 plans

Top 1,000 plans

20182017

24.8%

18.1%

6.2%

22.6%

8.0%

7.5%

6.5%

24.8%

18.0%

6.1%

22.7%

7.9%

7.3%

6.7%

24.9%

16.4%

6.2%

23.9%

8.7%

7.6%

7.0%

24.8%

16.4%

6.1%

24.1%

8.5%

7.5%

7.1%

Other

Alternative investments

Real estate equity

Private equity

Cash

Global/int’l fixed income

Domestic fixed income

Global equity

International stock

Domestic stock

Other

Alternative investments

Real estate equity

Private equity

Cash

Global/int’l fixed income

Domestic fixed income

Global equity

International stock

Domestic stock

20182017

2.0%

2.3%

1.6%

1.9%

1.7%

2.1%

2.1%

2.4%

1.6%

2.0%

1.8%

2.1%

Aggregate DB plan asset mixesAs of Sept. 30.


19pi0024A.pdf RunDate: 02/04/19 Full Page Spread Color: 4/C

BOUGHT

FINANCE

DSOLD

BOUGHT

SOLD

BOUGHT

SOLD

BOUGHT

SOLD

2018

FINANCE

D

BOUGHT

BOUGHT

FINANCE

DBOU

GHT

SOLD

BOUGHT

FINANCE

D

SOLD

SOLD

BOUGHT

SOLD

SOLD

JOHN WINTHROPAPARTMENTSSeattle, Washington

79 Units

KINGSCREST APARTMENTSFrederick, Maryland

404 Units

LASH 1.0Fort Mill, South Carolina

247,834 Square Feet


174,029 Square Feet

LENOVO ENTERPRISECAMPUSMorrisville, North Carolina

485,536 Square Feet

LUCERNE APARTMENTSBrandon, Florida

276 Units

MACH ONE BUILDING BChandler, Arizona

102,356 Square Feet

FINANCE

D

SOLD

ACADIA AT CORNERSTARAPARTMENTSAurora, Colorado

400 Units

ADDISON PARKAPARTMENTS Tampa, Florida

336 Units

ANSON ON PALMER RANCHAPARTMENTSSarasota, Florida

239 Units

AVENEL AT MONTGOMERY SQUARENorth Wales, Pennsylvania

256 Units

BENT TREE APARTMENTS Centreville, Virginia

748 Units

CHURCHILL ON THE PARK APARTMENTSDallas, Texas

448 Units

CITYCENTRE NORTHHouston, Texas

3,403 Acres

HUMANA PHASE II Glendale, Arizona

61,000 Square Feet

JACKSON PARK PLACEAPARTMENTSFresno, California

376 Units

PERIMETER GARDENSAT GEORGETOWNDunwood, Georgia

245 Units

SONTERRA AT PARADISEVALLEY APARTMENTSPheonix, Arizona

274 Units

THE EVERLEEAPARTMENTS Tomball, Texas

332 Units

THE LIBERTY MUTUALBUILDINGChandler, Arizona

102,121 Square Feet

THE LINKS AT PLUM CREEK APARTMENTSCastle Rock, Colorado

264 Units

TUSCANY RIDGE APARTMENTS Peoria, Arizona

336 Units

VALLEYBROOK AT CHADDS FORD APARTMENTSChadds Ford, Pennsylvania

352 Units

WOODBERRY APARTMENTSAsheville, North Carolina

168 Units

501969 - 2019

I N T EG R I TAS , P E R I T I A , I M M U N I TAS

19pi0024B.pdf RunDate: 02/04/19 Full Page Spread Color: 4/C

19pi0024A.pdf RunDate: 02/04/19 Full Page Spread Color: 4/C

BOUGHT

FINANCE

DSOLD

BOUGHT

SOLD

BOUGHT

SOLD

BOUGHT

SOLD

2018

FINANCE

D

BOUGHT

BOUGHT

FINANCE

DBOU

GHT

SOLD

BOUGHT

FINANCE

D

SOLD

SOLD

BOUGHT

SOLD

SOLD

JOHN WINTHROPAPARTMENTSSeattle, Washington

79 Units

KINGSCREST APARTMENTSFrederick, Maryland

404 Units


247,834 Square Feet


174,029 Square Feet

LENOVO ENTERPRISECAMPUSMorrisville, North Carolina

485,536 Square Feet

LUCERNE APARTMENTSBrandon, Florida

276 Units

MACH ONE BUILDING BChandler, Arizona

102,356 Square Feet

FINANCE

D

SOLD

ACADIA AT CORNERSTARAPARTMENTSAurora, Colorado

400 Units

ADDISON PARKAPARTMENTS Tampa, Florida

336 Units

ANSON ON PALMER RANCHAPARTMENTSSarasota, Florida

239 Units

AVENEL AT MONTGOMERY SQUARENorth Wales, Pennsylvania

256 Units

BENT TREE APARTMENTS Centreville, Virginia

748 Units

CHURCHILL ON THE PARK APARTMENTSDallas, Texas

448 Units

CITYCENTRE NORTHHouston, Texas

3,403 Acres

HUMANA PHASE II Glendale, Arizona

61,000 Square Feet

JACKSON PARK PLACEAPARTMENTSFresno, California

376 Units

PERIMETER GARDENSAT GEORGETOWNDunwood, Georgia

245 Units

SONTERRA AT PARADISEVALLEY APARTMENTSPheonix, Arizona

274 Units

THE EVERLEEAPARTMENTS Tomball, Texas

332 Units

THE LIBERTY MUTUALBUILDINGChandler, Arizona

102,121 Square Feet

THE LINKS AT PLUM CREEK APARTMENTSCastle Rock, Colorado

264 Units

TUSCANY RIDGE APARTMENTS Peoria, Arizona

336 Units

VALLEYBROOK AT CHADDS FORD APARTMENTSChadds Ford, Pennsylvania

352 Units

WOODBERRY APARTMENTSAsheville, North Carolina

168 Units

501969 - 2019

I N T E G R I TAS , P E R I T I A , I M M U N I TAS

19pi0024B.pdf RunDate: 02/04/19 Full Page Spread Color: 4/C




868 Steelcase, Grand Rapids, Mich. $1,681 $1,681

869 MBTA Retirement, Boston $1,679 $1,679

870 Keysight Technologies, Santa Rosa, Calif. $1,678 $1,678

871 Staples, Framingham, Mass. $1,671 $1,671

872 Hanesbrands, Winston-Salem, N.C. $1,669 $877 $792

873 Tulare County, Visalia, Calif. $1,668 $1,668

874 Lexmark International, Lexington, Ky. $1,658 $537 $1,121

875 St. Jude Medical, St. Paul, Minn. $1,654 $1,654

876 Puget Sound Energy, Bellevue, Wash. $1,651 $729 $922

877 National Football League, New York $1,650 $1,650

878 Woodward, Rockford, Ill. $1,650 $170 $1,480

879 First American, Santa Ana, Calif. $1,647 $1,647

880 Cook County Deferred Comp., Chicago $1,645 $1,645

881 Deluxe, Shoreview, Minn. $1,639 $1,639

882 Osram Sylvania, Danvers, Mass. $1,637 $1,158 $479

883 Bricklayers International, Washington $1,636 $1,469 $167

884 Yum! Brands, Louisville, Ky. $1,634 $886 $748

885 Northeastern University, Boston $1,632 $1,632

886 Pentair, Golden Valley, Minn. $1,628 $349 $1,279

887 Evonik Degussa, Parsippany, N.J. $1,627 $571 $1,056

888 Sealed Air, Elmwood Park, N.J. $1,623 $153 $1,470

889 Food & Comm. Local 27, Baltimore $1,622 $1,614 $8

890 Shelby County, Memphis, Tenn. $1,622 $1,622

891 Crown Cork & Seal, Philadelphia $1,617 $1,252 $365

892 Penske Truck Leasing, Reading, Pa. $1,616 $461 $1,155

893 Cooper Tire & Rubber, Findlay, Ohio $1,613 $1,025 $588

894 TimkenSteel, Canton, Ohio $1,600 $1,123 $477

895 IBEW Local 68, District 8, Denver $1,595 $1,077 $518

896 Caesars Entertainment, Las Vegas $1,592 $1,592

897 AFSCME, Washington $1,588 $1,409 $179

898 Teamsters, N.Y. State Conf., Syracuse $1,588 $1,588

899 San Luis Obispo County, San Luis Obispo, Calif. $1,584 $1,402 $182

900 Limited Brands, Columbus, Ohio $1,583 $1,583

901 Boy Scouts of America, Irving, Texas $1,582 $1,473 $109

902 Fujitsu America, Sunnyvale, Calif. $1,582 $1,582

903 Levi Strauss, San Francisco $1,579 $853 $726

904 First Horizon National, Memphis, Tenn. $1,563 $876 $687

905 Wolters Kluwer, Riverwoods, Ill. $1,562 $155 $1,407

906 Miami Fire & Police $1,557 $1,557

907 Panasonic USA, Secaucus, N.J. $1,555 $411 $1,144

908 BHP-Billiton, Houston $1,552 $475 $1,077

909 CONSOL Energy, Pittsburgh $1,546 $691 $855

910 MGM Resorts International, Las Vegas $1,546 $1,546

911 Kohl’s, Menomonee Falls, Wis. $1,541 $1,541

912 Hartford Municipal, Hartford, Conn. $1,537 $1,537

913 Laborers National, Dallas $1,535 $1,535

914 Portland General Electric, Portland, Ore. $1,534 $654 $880

915 W.R. Grace, Columbia, Md. $1,534 $945 $589

916 Marine Engineers, Baltimore $1,531 $1,073 $458

917 Milliken, Spartanburg, S.C. $1,530 $313 $1,217

918 NVR, Reston, Va. $1,528 $1,528

919 Lafarge, Herndon, Va. $1,526 $590 $936

920 Fortune Brands Home & Sec., Deerfi eld, Ill. $1,525 $645 $880

921 Albemarle, Baton Rouge, La. $1,522 $595 $927

922 Flowserve, Irving, Texas $1,520 $497 $1,023

923 Iron Workers 40, 361, 417, New York $1,519 $536 $983

924 Reform Pension, New York $1,519 $1,519

925 Republic Services, Scottsdale, Ariz. $1,519 $1,519

926 Operating Engineers Local 324, Troy, Mich. $1,517 $1,364 $153

927 Alliant Energy, Madison, Wis. $1,516 $333 $1,183

928 Essentia Health, Duluth, Minn. $1,514 $1,514

929 Operating Engineers Local 15, New York $1,509 $1,509

930 Stationary Engineers 39, San Francisco $1,505 $1,300 $205

931 Broadcom, San Jose, Calif. $1,504 $1,504

932 Sabre Holdings, Southlake, Texas $1,504 $370 $1,134

933 SKF USA, Norristown, Pa. $1,503 $792 $711

934 Independence Blue Cross, Philadelphia $1,502 $836 $666


935 El Paso Fire & Police, El Paso, Texas $1,499 $1,499

936 Franklin Resources, San Mateo, Calif. $1,493 $1,493

937 Hubbell, Orange, Conn. $1,492 $640 $852

938 Carpenters, Greater Pennsylvania, Pittsburgh $1,486 $1,073 $413

939 Saint Louis University, St. Louis $1,486 $1,486

940 SS&C Technologies, Windsor, Conn. $1,480 $1,480

941 Spectra Energy, Houston $1,475 $655 $820

942 Arkansas State Highway, Little Rock $1,472 $1,472

943 Twin City Hospital, Nurses, Bloomington, Minn. $1,471 $1,471

944 BorgWarner, Auburn Hills, Mich. $1,469 $250 $1,219

945 Bertelsmann, New York $1,464 $177 $1,287

946 DeKalb County Employees, Decatur, Ga. $1,463 $1,463

947 California State Auto Assoc., Walnut Creek $1,461 $937 $524

948 Mattel, El Segundo, Calif. $1,458 $366 $1,092

949 National Fuel Gas, Williamsville, N.Y. $1,456 $993 $463

950 Brown-Forman, Louisville, Ky. $1,454 $830 $624

951 Carpenters, N. Central States, Altoona, Wis. $1,452 $1,408 $44

952 Wayne County, Detroit $1,451 $994 $457

953 Analog Devices, Norwood, Mass. $1,447 $1,447

954 Huntsman, The Woodlands, Texas $1,445 $623 $822

955 Hanover Insurance, Worcester, Mass. $1,441 $512 $929

956 CFI, Owings Mills, Md. $1,437 $797 $640

957 Chicago Metro. Water Reclamation $1,437 $1,437

958 Equifax, Atlanta $1,435 $572 $863

959 Mosaic, Plymouth, Minn. $1,434 $399 $1,035

960 ArvinMeritor, Troy, Mich. $1,432 $868 $564

961 Dean Foods, Dallas $1,429 $353 $1,076

962 Electrolux, Cleveland $1,428 $981 $447

963 SRI International, Menlo Park, Calif. $1,423 $1,423

964 Middlesex County, Billerica, Mass. $1,415 $1,415

965 Telephone & Data Systems, Chicago $1,414 $1,414

966 Westar Energy, Topeka, Kan. $1,413 $757 $656

967 Smiths Group, Malvern, Pa. $1,407 $348 $1,059

968 OGE Energy, Oklahoma City $1,404 $668 $736

969 Michigan Catholic Conference, Lansing $1,400 $1,340 $60

970 Agilent Technologies, Santa Clara, Calif. $1,399 $1,399

971 Birmingham City, Birmingham, Ala. $1,395 $1,395

972 ThyssenKrupp, Troy, Mich. $1,394 $380 $1,014

973 Briggs & Stratton, Milwaukee $1,390 $923 $467

974 IBEW Local 26, Lanham, Md. $1,389 $653 $736

975 Kennametal, Latrobe, Pa. $1,387 $718 $669

976 Cincinnati Children’s $1,385 $1,385

977 IBEW Local 58, Madison Heights, Mich. $1,384 $788 $596

978 Wichita Retirement, Wichita, Kan. $1,383 $1,383

979 San Francisco Hospital Employees $1,380 $1,380

980 Howard Hughes Medical, Chevy Chase, Md. $1,378 $1,378

981 TRW Automotive Holdings, Livonia, Mich. $1,373 $321 $1,052

982 Southern Electrical Ret., Chattanooga, Tenn. $1,368 $1,368

983 DLA Piper, Chicago $1,364 $194 $1,170

984 Duquesne Light, Pittsburgh $1,361 $1,126 $235

985 Pension Plan for Insurance, New York $1,356 $1,356

986 Norfolk City Employees, Norfolk, Va. $1,350 $1,350

987 Marathon Oil, Houston $1,347 $253 $1,094

988 Alticor, Ada, Mich. $1,345 $1,345

989 Lear, Southfi eld, Mich. $1,344 $451 $893

990 Underwriters Laboratories, Northbrook, Ill. $1,342 $302 $1,040

991 Automotive Industries, Alameda, Calif. $1,339 $1,294 $45

992 Western & Southern Life, Cincinnati $1,339 $1,018 $321

993 Crane, Stamford, Conn. $1,334 $461 $873

994 IBEW Local 1, St. Louis $1,328 $1,328

995 Iron Workers, Southern Ohio, Vandalia $1,321 $918 $403

996 Laborers Central, Jacksonville, Ill. $1,320 $1,134 $186

997 Teamsters Local 639, Washington $1,318 $1,318

998 Engility, Chantilly, Va. $1,313 $1,313

999 MARTA, Atlanta $1,313 $1,313

1,000 Cambridge Retirement, Cambridge, Mass. $1,310 $1,310

201-1,000 total $3,081,016

Top 1,000 total $11,004,613

Top 200 plans

Top 1,000 plans

20182017

20182017

41.6%

6.5%

5.5%

6.8%

14.7%

20.0%

41.8%

6.7%

5.7%

7.1%

13.3%

20.4%

43.0%

6.1%

4.7%

6.4%

14.0%

21.3%

43.1%

6.4%

4.9%

6.7%

12.8%

21.6%

Other

Annuities

Inflation protection

Target date

Cash

Stable value

Fixed income

International stock

Domestic stock

Other

Annuities

Inflation protection

Target date

Cash

Stable value

Fixed income

International stock

Domestic stock

0.3%

0.2%

0.1%

0.2%

4.1%

4.5%

0.3%

0.2%

0.1%

0.3%

4.1%

4.5%

Aggregate DC plan asset mixesAs of Sept. 30.

Two recent pieces of legislation likely will ensure that growth continues.

The National De-fense Authorization Act for Fiscal Year 2016, which was passed in 2015, created a Blended Retirement System within the TSP for all uniformed services members who enter service on Jan. 1, 2018, or later. As of Jan. 23, the BRS has more than 408,000 participants, ac-cording to Kim Weaver, director of external affairs.

Moreover, following the passage of the TSP Modernization Act in 2017, the Federal Retirement Thrift Investment Board, which adminis-ters the TSP, will implement what Ms. Weaver called its “additional withdrawals project” in September.

The new withdrawal policies will give participants more options for how and when they can access money from their TSP accounts.

While the bill was being dis-cussed, it was estimated that $9 bil-lion is transferred out of the TSP every year into higher-fee accounts when employees leave the federal government. This legislation aims to stem that.

Established in 1986Established by Congress in 1986,

the TSP, a defi ned contribution plan, offers participants fi ve invest-ment funds: four index funds man-aged by BlackRock Inc. and one fund made up of specially issued Treasury securities that is managed internally by the board.

Ravindra Deo took over as the board’s executive director in 2017 after initially serving as its chief in-vestment offi cer.

In a statement, Mr. Deo said that since starting his new role, he has focused on the BRS and expanding withdrawal options for all TSP par-

ticipants, but those aren’t the only changes coming to the TSP.

By the end of 2019, the board will issue a request for proposal seeking two investment managers to man-age a portion of each of the index funds, according to Ms. Weaver.

“We’re doing that, not because we have any concerns whatsoever with BlackRock, but it is more of a risk mitigation strategy,” Ms. Weaver said. BlackRock is eligible to submit a bid once the RFP goes out and a decision will be reached sometime in 2020, she added.

Once the managers are selected, a change will be made to the TSP’s I Fund — one of the index funds that invests in interna-tional equities — to in-corporate emerging markets, Ms. Weaver said. After looking at making the change to its investment lineup fi ve years ago, theboard now feels there’ssuffi cient liquidity inemerging markets tomove forward, Ms. Weaver added.

Additionally, the new withdraw-al policies that go into effect in September will give participants more options for how and when they can access money from their TSP accounts.

For example, currently, partici-pants receiving monthly payments can only change the amount of those payments during an open

season between Oct. 1 and Dec. 15. The new policy will allow partici-pants to change the amount and frequency (monthly, quarterly, an-nually) of their installment pay-ments at any time throughout the year. Also, participants will soon be able to take partial withdrawals while receiving post-separation in-stallment payments.

“It’s been an enormous lift for us,” Ms. Weaver said of implement-ing the withdrawal policy.

Blended offerOne of the biggest changes to hit

the TSP went into effect on Jan. 1, 2018.

With the creation of the Blended Retirement System, new service members are automatically en-rolled in the plan, while those with less than 12 years of service as of Jan. 1, 2018, were eligible to join the BRS. Previously, members of the uniformed services had access to a defi ned benefi t plan but had to serve at least 20 years to receive the annuity.

The payment amount was deter-mined by their years of service and the average of their highest 36 months of basic pay.

Only a small portion of service members reached the 20-year pla-teau and the Department of De-fense was concerned its employees weren’t properly saving for retire-ment, Ms. Weaver said. The BRS of-fers service members a defi ned contribution option as part of the TSP as well as a reduced pension should they hit the 20-year mark.

And the number of separated participants — those who no lon-ger work for the federal govern-ment but have elected to keep their money in the TSP — has also climbed in recent years to 1.46 mil-lion as of Sept. 30 from 1.11 million fi ve years prior.

“We’re low-cost, we’re effi cient, Ithink they’re comfortable with us because they deal with us through-out their entire careers and we care about them and we try and show that,” Ms. Weaver said of the TSP’s 5.4 million participants. �


Kyle Coatsworth, CFA to Head of Institutional

Kyle was appointed a Vice President in 2016 and has led the firm’s U.S. institutional business over the past two

years. His contributions have been integral to the firm, and he now broadens his focus to oversee Burgundy’s institutional business across Canada, the U.S. and the U.K.

Kyle joined Burgundy in 2013 as an Investment Counsellor, building relationships with Canadian individuals and families. Prior to Burgundy, Kyle worked with Manulife Asset Management and Fidelity Investments Canada. Kyle earned his BA from Western University. He was awarded the Chartered Financial Analyst designation in 2012.

BURGUNDY ASSET MANAGEMENT LTD.,Robert Sankey, CEO, and the Board of Directors of

announce the following appointment:

Burgundy is an independent discretionary global investment manager for institutions and private clients. The firm’s focus is high-quality companies that are undervalued and meet strict criteria using its fundamental research process. Burgundy has been in business for more than

25 years and is proud of its investment record and long-term client retention.

burgundyasset.com

THE P&I 1000 THRIFT SAVINGS PLAN

For largest U.S. fund, the sky’s the limitRecent laws mean plan, up 8�9% for the year, will continue to add assets

By BRIAN CROCE

The nation’s largest retirement plan is only getting larger.

The Thrift Savings Plan, Wash-ington, the retirement system for 5.4 million federal employees and members of the uniformed services, saw its assets climb 8.9% year-over-year to $578.8 billion as of Sept. 30. That’s up from $375.1 billion in 2013 and $210.6 billion in 2008.

Growth of Thrift Savings Plan assets Assets are in billions as of Sept. 30.

$0

$100

$200

$300

$400

$500

$600

$700

201820172016201520142013

Defined benefit Number

Domestic active equity 74

Domestic passive equity 75

Domestic enhanced indexed equity 23

International active equity 75

International passive equity 70

International enhanced indexed equity 7

Global active equity 40

Global passive equity 15

Developed markets equity, active 72

Developed markets equity, passive 66

Emerging markets equity, active 65

Emerging markets equity, passive 32

REITs 40

Domestic active bonds 82

Domestic passive bonds 46

Domestic enhanced indexed bonds 5

Global/international active bonds 47

Global/international passive bonds 8

Developed markets bonds, active 17

Developed markets bonds, passive 3

Emerging markets debt, active 27

Emerging markets debt, passive 4

Cash 90

Inflation-protected securities 36

High-yield 59

U.S. real estate equity 58

International real estate equity 30

Timber 28

Infrastructure 42

Hedge funds (direct investments) 53

Hedge fund of funds 26

Energy 30

Commodities 19

Private equity 89

Buyouts 60

Venture capital 55

Mezzanine 35

Distressed debt 42

ETFs 8

Mutual funds 10

Commingled vehicles 38

Separate accounts 43

Defined contribution Number

Passive indexed equity 62

REITs 27

Passive indexed bonds 51

Inflation-protected securities 39

Commodities 13

Target-date strategies 60

Custom 23

Off-the-shelf 26

CITs 40

ETFs 1

Managed accounts 11

Mutual funds 33

Separate accounts 36

Number of funds among the top 200 using cited strategy/vehicleAs of Sept. 30.

FOCUSED: Ravindra Deo pays special attention to the BRS and expanded withdrawal options.

Read thisissue online.

Register Now.

www.pionline.com


2018 2017

72.8%

26.4%

72.9%

26.4%

ETFsMutual fundsCommingledvehicles

Separateaccounts

DB assets by investment vehicleAmong the top 200 funds as of Sept. 30.

0.4% 0.5% 0.3% 0.3%

Fund TotalDomestic

equityInt’l

equityGlobalequity

Domestic fixed

income

Global/int'l fixed

incomeAlternative investments

California Public Employees $244,574 $74,859 $54,384 $92,779 $8,346 $5,012

New York State Common $112,096 $69,576 $133 $42,387

California State Teachers $103,832 $51,533 $13,617 $32,697 $14

Georgia Teachers $77,523 $40,071 $11,939 $942 $23,382

New York State Teachers $73,462 $42,627 $55 $18,924

Florida State Board $69,918 $37,396 $3,062 $3,062 $18,822 $7,576

Wisconsin Investment Board $62,528 $44,434 $8,778 $2,489 $2,679

New Jersey $58,874 $24,064 $13,924 $14,244

Ohio State Teachers $53,894 $18,824 $10,391 $613 $14,077 $8,652

Texas Teachers $48,807 $13,227 $16,885 $18,562

North Carolina $47,617 $15,498 $24,572 $7,547

Ohio Public Employees $42,276 $18,542 $3,947 $14,768 $5,019

Alabama Retirement $38,533 $21,853 $5,064 $6,115 $3,591

Tennessee Consolidated $34,351 $16,643 $3,065

Colorado Employees $30,910 $12,355 $5,316 $3,507 $9,656 $76

Funds with the most DB assets managed internallyAssets are in millions as of Sept. 30.

Funds with the most DB assets in equity Among the top 200 funds; assets are in millions as of Sept. 30.

Domestic equity Assets

California Public Employees $115,721

New York State Common $82,453

California State Teachers $67,125

New York City Retirement $60,012

New York State Teachers $47,382

Florida State Board $44,224

Georgia Teachers $40,071

Minnesota State Board $28,326

Texas Teachers $25,663

New Jersey $24,064

International equity Assets








Ohio State Teachers $18,308

North Carolina $18,107

Ohio Public Employees $17,857

Developed mkt. equity Assets


Wisconsin Inv. Board $52,760








Virginia Retirement $14,532

Emerging mkt. equity Assets








Maryland St. Retirement $5,287

New Jersey $4,982

Massachusetts PRIM $4,493

Global equity Assets


California University $29,358

General Electric $25,353

S. Carolina Public Employees $15,093


Operating Engineers Int’l $10,606


San Francisco City & County $9,942

Arkansas Teachers $9,499

Washington State Board $9,187

Funds with the most DB assets in fixed income Among the top 200 funds; assets are in millions as of Sept. 30.

Domestic bonds Assets




IBM $39,337





Georgia Teachers $23,382


Global/int’l bonds Assets


Texas Employees $7,250


Pennsylvania School Empl. $5,120

Texas Municipal Retire. $4,784


San Francisco City & County $4,028

Indiana Public Retirement $3,497

Illinois Teachers $3,081


Developed mkt. bonds Assets


Texas Municipal $4,784




Los Angeles Water & Power $1,968

Ohio School Employees $1,887


Mississippi Employees $1,409

New York City Retirement $639

Emerging mkt. bonds Assets




Connecticut Retirement $1,917



S. Carolina Public Employees $1,241

Ohio State Teachers $812

Maryland St. Retirement $783

Indiana Public Retirement $627

High-yield securities Assets



New Jersey $5,393



Teamsters, Western Conf. $3,550

Texas Employees $2,506

New Mexico Educational $2,337

Connecticut Retirement $2,179


Funds with DB assets in hybrid plansAmong the top 200; assets are in millions as of Sept. 30.

Fund Assets

Texas County & District $31,013

Texas Municipal Retire. $28,619

Northrop Grumman $27,612

J.P. Morgan Chase $15,543


Citigroup $12,300

Merck $10,812

Wells Fargo $10,001

Ernst & Young $7,449

Prudential Financial $5,688

PNC $5,347

Deloitte $5,313

Nebraska Invest. Council $2,198

Exelon $2,139

Funds with DB plans using ESG factorsAmong the top 200 plans as of Sept. 30.

Alabama RetirementCalifornia State TeachersCalifornia UniversityColorado EmployeesConnecticut RetirementDeloitteFlorida State Board Idaho Public Employees Illinois State UniversitiesJ.P. Morgan ChaseLos Angeles Fire & PoliceMaryland State RetirementMinnesota State BoardNew JerseyNew York City RetirementNew York State CommonWashington State BoardWisconsin Investment Board

Funds with DB plans using hiring policy for women/minority managersAmong the top 200 plans as of Sept. 30.

California StateTeachersConnecticut RetirementExelonFederal ReserveEmployeesIllinois Municipal Illinois State Board Illinois TeachersIllinois StateUniversitiesIndiana PublicRetirementEli LillyLos Angeles Fire &PoliceMaryland StateRetirementMassachusetts PRIM

Missouri Schools &EducationNew York City Retire.New York StateCommonNew York StateTeachers Northrop GrummanOhio Public EmployeesOhio State TeachersPG&ETexas EmployeesTexas TeachersUnited ContinentalHoldingsVirginia RetirementWespath (UMC)Wisconsin Inv. Board

DB managers most used by the top 200 fundsAs of Sept. 30.

ManagerTimes

mentioned

BlackRock 125

J.P. Morgan 69

Blackstone 59

Prudential 52

State Street Global 51

Oaktree 50

PIMCO 47

Wellington 41

AQR 37

Carlyle 32

DB consultants most used by the top 200 fundsAs of Sept. 30.

ConsultantTimes

mentioned

Aon 27

Callan 19

Townsend 18

Hamilton Lane 17

StepStone 17

Albourne 16

Aksia 10

Cliffwater 10

Meketa 9

TorreyCove 9


Pensions & Investments gathered information for this report, published annually since 1974, in three steps.

Questionnaires were sent to more than 1,300 fund sponsors in P&I’s database. The largest 1,000 were identifi ed from completed questionnaires, follow-up phone calls and emails, and database searches.

Data for sponsoring entities that did not respond were culled from published annual or quarterly reports and Form 5500s fi led with the Department of Labor. Morningstar Inc. provided source materials used as references to gather the most recent historical asset data for certain plans.

P&I’s survey generally covers the 12 months ended Sept. 30, 2018. In cases where no information was available from the fund, or the data were older than June 30, 2018, P&I calculated estimates to Sept. 30.

New questions that were added this year were breaking out bank loans from domestic and international fi xed-income allocations for defi ned benefi t plans; total private credit/debt (excluding bank loans) within alternative investments of DB plans; and asking whether the DB plans incorporate ESG factors into the portfolio management process.

Dollar amounts generally are rounded to the nearest million; in certain tables and charts, they are rounded to billions. The aggregate asset mixes represent the weighted averages of all reported allocations for the respective funds.

All data in this special report are ©2019 Crain Communications Inc. Reproduction without permission is prohibited.

How the data were compiled

active vs. 59.6% passive in the year ended Sept. 30, and 36.4% active and 63.6% passive for the 12 months ended Sept. 30, 2017.

Industry observers said it’s diffi cult to in-terpret the increase in actively managed U.S. equities in P&I’s data, given the reasons for changes among plans surveyed vary widely.

For example, there isn’t a clear trend among the 79 plans, with 42 increasing their investment in actively managed U.S. equity and 30 reducing their allocation.

The changes in active U.S. equity invest-ment within this group ranged from a 200% plus increase to dropping active equity strat-egies entirely.

The $376.9 billion California Public Em-ployees’ Retirement System, Sacramento, for example, made the most dramatic change with a 215.5% increase in active-ly managed U.S. equities to $70.6 billion. That increase includes $13.2 billion of actively managed global equity assets that were reclassifi ed as active U.S. equity, according to a note on the survey the fund submitted.

CalPERS reduced its alloca-tion to passive U.S. equities by 27.1% to $45.1 billion.

John “Mike” Osborn, a Cal-PERS’ spokesman, declined to comment after a request for more information.

Similarly, 46 plan sponsors in the survey increased their weighting to in-dexed U.S. equity while 27 decreased invest-ment in these strategies. The percentage change for this group was between 318.7% to a complete withdrawal.

But sources agreed one of the likely driv-ers behind the move to active management is the condition of global markets.

“If you look back over the last fi ve years, there were big swings to passive manage-ment as investors tired of their active manag-ers not producing alpha in the long-running bull market,” said John J. Delaney, portfolio manager, who is based in the Philadelphia of-fi ce of Willis Towers Watson PLC.

Mr. Delaney said the ending of quantitative easing and the specter of rising volatility is pushing investors to reconsider active equity on the premise that managers will fi nd more opportunities to generate alpha.

The $153.1 billion Teacher Retirement Sys-tem of Texas, Austin, for example, increased its allocation to actively managed U.S. equities by 46.3% to $22.2 billion and reduced the al-location to indexed U.S. equities by 70.1% to $3.5 billion in the year ended Sept. 30.

The reduction in passive equities, which

are managed internally at Texas Teachers, was used to fund “lower-risk investments during this (late) stage of the market cycle, including opportunistic credit,” said Dale West, senior managing director of the fund’s external public markets group, in an email.

The fund also signifi cantly increased the allocation to actively managed, quantitative, factor-based equity portfolios: TRS invest-ment staff managed a total of $15.5 billion internally in U.S. and international equity factor-based portfolios as of Sept. 30, up from $7.4 billion a year earlier.

P&I’s data likely refl ect a move by many U.S. plan sponsors into quantitatively man-aged factor-based portfolios, said Steven J. Foresti, chief investment offi cer, Wilshire Consulting, Santa Monica, Calif.

“Over the past fi ve years, there’s been a lot of money going into quasi-active and quasi-passive factor-based strategies,” Mr. Foresti said, noting Wilshire’s consulting practice created a bucket for factor-based approaches

that rests between active and pas-sive equity.

“I think what you are probably seeing in the P&I data is plan sponsors trying to fi t factor-based strategies into the binary catego-ries of active and passive equity but not uniformly.”

P&I’s survey asks pension funds to list assets invested in fac-tor-based strategies, but only 10 plans listed assets totaling $38.4 billion in the most recent survey.

Texas Teachers, for example, accounts for its substantial factor-based equity portfolio in its active

equity category and did not respond to the factor-based question on P&I’s survey.

UnexplainedThe motivations behind big U.S. equity

portfolio changes remain a mystery for some. Other large increases to active U.S. equity

by U.S. defi ned benefi t plans were made by Deloitte, New York, which upped the alloca-tion from its $5.3 billion plan to U.S. active equity by 56% to $390 million and reduced its passive U.S. equity 69.1% to $47 million, and the $213.2 billion New York State Common Retirement Fund, Albany, which raised its in-vestment in active U.S. stocks by 50.1% to $12.9 billion and pumped up its passive U.S. equity 6.3% to $69.6 billion.

The $68.3 billion University of California Retirement System, Oakland, led the pack of large U.S. defi ned benefi t plans that signifi -cantly increased passively managed U.S. eq-uities. The university’s offi ce of the chief in-vestment offi cer raised the fund’s allocation to passively managed U.S. equity by 318.7% to $783 million and cut actively managed U.S. equity assets by 33.6% to $3.9 billion.

Jagdeep S. Bachher, chief investment offi -

cer and vice president, investments, offi ce of the president, was not available to comment about the changes But he and other UC in-vestment offi cials have outlined plans to in-crease investment in passive U.S. equity strategies to reduce the number of managers and cut fees for the university’s pension fund, endowment and other investment pools.

RebalancingFor some U.S. defi ned benefi t plans, mov-

ing assets between active and indexed U.S. equity strategies is part of rebalancing.

The $51.8 billion Teachers’ Retirement System of the State of Illinois, for example, increased passive U.S. equity assets by a sig-nifi cant 53.9% to $4.2 billion and trimmed ac-tive U.S. equities by 13.1% to $4.6 billion.

The changes in actively and passively

managed U.S. equity was based on portfolio tenets, said David Urbanek, spokesman for the Springfi eld-based fund, in an email.

“In general, our investment strategy is built on diversifi cation and balance, and we don’t deviate from that when we consider ac-tive vs. passive strategies in U.S. equity assets. ‘‘We’re looking for an appropriate balance between the two that keeps us within our risk parameters yet maximizes our opportunities. We’re not favoring one over the other,” Mr. Urbanek said. The increase during the most recent survey period was “the result of our ef-fort to maintain a proper long-term strategic balance in U.S. equities,” he added.

In fact, Illinois Teachers’ $8.8 billion U.S. equity portfolio was split almost evenly with 52% in actively managed strategies and 48% in indexed portfolios. �

InvestingCONTINUED FROM PAGE 3

Making an equity betU.S. defi ned benefi t funds among the top 200 with the largest year-to-year growth in active and passive equity allocations. Dollars are in millions as of Sept. 30.

Betting on active

Rank Fund

TotalU.S.

equity

Actively managed

U.S. equity

Year-to-year change

Passively managed

U.S. equity

Year-to-yearchange

1 California Public Employees* $115,721 $70,573 215.5% $45,148 -27.1%

2 Deloitte $437 $390 56.0% $47 -69.1%

3 New York State Common $82,453 $12,877 50.1% $69,576 6.3%

4 Texas Teachers $25,663 $22,172 46.3% $3,491 -70.1%

5 Exelon $2,488 $2,433 34.1% $55 -90.8%

6 Southern Co. $4,264 $2,512 32.1% $1,459 19.5%

7 Montana Board of Investments $4,093 $2,096 23.8% $1,997 -8.7%

8 Los Angeles County Employees $14,030 $1,955 21.7% $10,561 2.2%

9 Orange County $3,363 $353 20.5% $3,010 6.4%

10 Los Angeles Water & Power $5,442 $3,708 20.4% $1,734 4.3%

Betting on passive

Rank Fund

TotalU.S.

equity

Passively managed

U.S. equity

Year-to-year change

Actively managed

U.S. equity

Year-to-yearchange

1 University of California $4,638 $783 318.7% $3,855 -33.6%

2 Illinois Teachers $8,759 $4,189 53.9% $4,570 -13.1%

3 Citigroup $1,007 $256 48.0% $751 -24.7%

4 Alaska Retirement $8,151 $3,713 47.4% $4,438 -3.8%

5 Oklahoma Teachers $6,792 $1,674 46.8% $5,118 1.5%

6 San Diego County $2,817 $1,185 34.5% $102 ∞7 Ohio School Employees $3,658 $1,856 34.2% $1,802 2.4%

8 Oregon Public Employees $14,314 $4,444 30.2% $9,870 -9.9%

9 New Mexico Educational $2,634 $2,634 25.4% $0 -100.0%

10 Pentegra $1,420 $942 22.8% $478 17.4%

*Included in California Public Employees' Retirement System's increase in active U.S. equity is $13.2 billion of assets reclassifi ed from the fund's global equity portfolio.

Source: Pensions & Investments survey

Funds with DB assets infactor-based equity strategiesAmong the top 200; assets are in millions as of Sept. 30.

Fund Assets



Oregon Public Employees $3,853

Maryland State Retirement $2,900

Los Angeles Fire & Police $1,826

Operating Engineers Int’l $1,345

PG&E $1,041

Oklahoma Teachers $1,016

Prudential Financial $883

Deloitte $264

Funds with the most DB assets in bank loansAmong the top 200; assets are in millions as of Sept. 30.

Fund Assets


Maryland State Retirement $675

Nebraska Invest. Council $666

Illinois Municipal $588

Ohio Police & Fire $452

Illinois State Board $440

Missouri Schools & Edu. $399

CenturyLink $357

Illinois Teachers $200

J.P. Morgan Chase $130

Funds with the most DB assets in inflation-protected securitiesAmong the top 200; assets are in millions as of Sept. 30.

Fund Assets





Wisconsin Invest. Board $6,395






A CLUE: John J. Delaney believes more volatility is one reason for the rise in active management.

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tic infrastructure portfolios. For instance, CalPERS in-

creased its maximum exposure to developed markets infrastructure by 10 percentage points to 60% of its infrastructure portfolio, be-cause “a signifi cant portion of U.S.

deals are in the power and energy space,” Paul Mouchakkaa , manag-ing investment director, real as-sets, told the investment commit-tee in December.

Overall, infrastructure assets growth was mainly the result of in-

stitutional investors’ increasing their commitments to the asset class.

“In our view, the primary reason for the increase was due to private infrastructure managers raising capital,” said Wilson Magee, New


not accepting alternative managers’ business-as-usual terms and con-ditions because “there’s a big push to reduce fees,” Mr. Nesbitt said.

This pushback most likely had an impact on hedge fund assets, he said.

Hedge fund assets flatHedge fund assets overall were

fl at within P&I’s top 200 universe, up 0.1%. Direct hedge fund invest-ments showed a 4.2% gain in the 2018 survey, close to 2 percentage points shy of the 6.1% gain in the year earlier survey. However, hedge funds of funds continued their free fall with a 20.1% drop from Sept. 30, 2017. Looking at the past fi ve years of sur-vey data, assets in hedge funds of funds have dropped 36.9%.

“The hidden story is not only the decline in (hedge fund-of-funds) assets but also fees … Hedge fund-of-funds fees cra-tered,” Mr. Nesbitt said. The decline in hedge fund-of-funds assets “would have been worse if not for the repricing of fees,” he added.

For example, a 2017 study by consultant bfi nance showed the median quoted hedge fund-of-funds fee fell to 80 basis points in May 2017 from 100 basis points in January 2015.

In the 12 months ended Sept. 30, 2018, the HFRI (Hedge) Fund Weighted Composite index gained 3.95%, the HFRI Fund of Funds Composite index rose 3.06% and the HFRI Fund of Funds Conserva-tive index was up 3.64%.

Credit strategies accounted for close to 1% of assets of the defi ned benefi t funds among the 200 largest plans. Credit tracked by P&I not only includes $20.6 billion in dis-tressed debt and $3.3 billion in mezzanine, but also $16.1 billion in private credit and $6.6 billion in bank loans. This is the fi rst year P&Ihas asked for private credit and bank loan asset breakdowns.

Still, distressed debt assets are on the decline among institutions, mainly because “there’s not a lot of distressed debt out there,” Mr. Nes-bitt said.

Three of the fi ve largest inves-tors in distressed debt in P&I’s da-tabase had a decline in distressed debt assets during the survey pe-riod.

Top ranked $99.1 billion Ohio Public Employees’ Retirement Sys-tem, Columbus, saw its distressed debt assets drop 19% to $2.4 billion. The distressed debt assets of the $375.1 billion California Public Em-ployees Retirement System, Sacra-mento, ranked second, but fell 12.8% to $2.4 billion, while the dis-tressed debt assets of the $229.2 billion California State Teachers’ Retirement System, West Sacra-mento, ranked fourth, were down 10.8% to $1.6 billion.

Instead, energy was the new dis-tressed debt, gaining ground during the survey period as investors looked to the sector for distressed

opportunities. With the oil crisis

and the shakeout in energy in the year ended Sept. 30, “you can view the increase in energy as pseudo-distressed,” Mr. Nes-bitt said.

Indeed, four of the fi ve largest energy in-vestors saw double-digit growth in their assets during the sur-vey period. (Second-ranked North Caroli-na Retirement

Systems did not provide energy data in the prior survey.)

No. 1 with energy assetsThe $153.1 billion Teacher Re-

tirement System of Texas, Austin, topped the list with energy assets up 39.6% to $7.9 billion. Energy in-vestments reported by the $55.1 billion Pennsylvania Public School Employees’ Retirement System, Harrisburg, grew 18.8% to $2.8 bil-lion; at the $79.4 billion New Jersey Pension Fund, Trenton, energy rose 15.2% to $2.4 billion; and at the Minnesota State Board of Invest-ment, St. Paul, which oversees $68.3 billion in state pension assets, en-ergy grew by 10.4% to $2.2 billion.

Infrastructure was another high-fl ying sector, with the top nine in-vestors in the asset class showing at least double-digit increases. Cal-PERS, whose infrastructure assets rose 17.7% to $4.4 billion in the year ended Sept. 30, topped the ranking.

However, there is a lot of overlap between infrastructure and energy as many U.S. investors have a large exposure to energy in their domes-

AltsCONTINUED FROM PAGE 14

Growth ofalternative assets Among the top 200 DB funds; assets are in billions as of Sept. 30.

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

201820172016201520142013

Growth ofinfrastructure assets Among the top 200 DB funds; assets are in billions as of Sept. 30.

$0

$5

$10

$15

$20

$25

$30

$35

201820172016201520142013

Growth of energy assets Among the top 200 DB funds; assets are in billions as of Sept. 30.

$0

$5

$10

$15

$20

$25

$30

$35

$40

201820172016201520142013

Funds with the most DB assets in alternatives Among the top 200 funds; assets are in millions as of Sept. 30.

Total assets Assets










Michigan Retirement $30,636

Real estate equity Assets











Infrastructure Assets







Maine Public Employees $1,540


South Carolina Public Empl. $937

Michigan Retirement $839

Private equity Assets











Commodities Assets




Los Angeles County Empl. $1,392


Los Angeles Fire & Police $1,042

California State Teachers $848

Oregon Public Employees $746

Citigroup $379

Florida State Board $369

Funds with the most DB assets in hedge fundsAmong the top 200; assets are in millions as of Sept. 30.

Fund Total

Directinvest-ments

Funds offunds

Texas Teachers $12,787 $12,787

Michigan Retirement $10,977 $4,307 $6,670

California State Teachers $10,956 $10,956

Virginia Retirement $10,385 $10,385

Ohio Public Employees $7,789 $7,787 $2

Massachusetts PRIM $6,220 $5,253 $967

Texas County & District $6,044 $6,044

Wisconsin Investment Board $6,038 $6,038

Pennsylvania School Employees $5,719 $5,719

New York State Common $5,661 $5,661

Fund Total

Directinvest-ments

Funds offunds

Illinois Teachers $5,473 $5,116 $357

Florida State Board $5,235 $5,235

Missouri Schools & Education $5,201 $5,201

New Jersey $4,937 $4,119 $818

Oregon Public Employees $4,629 $4,629

Maryland State Retirement $4,367 $4,367

California University $3,874 $3,874

New York City Retirement $3,143 $2,999 $144

United Parcel Service $3,128 $3,128

Connecticut Retirement $2,831 $2,831

TAKE THIS: Wilson Magee said fundraising helped boost the assets going to infrastructure investments.

Private credit/debt Assets


Arizona State Retirement $4,824

Illinois Teachers $1,788

Exelon $1,027

New York State Teachers $473

Orange County $404

Missouri Schools & Educ. $386

Maine Public Employees $326

Illinois State Board $298


Funds with the most DB assets in direct hedge fundsAmong the top 200; assets are in millions as of Sept. 30.

Tactical trading Assets


United Parcel Service $2,445





New Jersey $1,033


Texas County & District $859


Equity hedge Assets





Citigroup $728

North Carolina $645


New Jersey $284

Ohio School Employees $239

West Virginia Investment $218

tions, UPS improved the funding ratio of its U.S. pension plans to 91.5% at year-end 2017, com-pared to 76% a year earlier, ac-cording to the company’s most recent 10-K fi ling.

Carter Holcombe, portfolio manager for UPS’ group trust, said in a telephone interview that the improved funded status, paired with the impending freeze of UPS’ largest defi ned benefi t plan at the end of 2022, motivated the increase in LDI assets.

“The plan’s really healthy right now,” Mr. Holcombe said. “We’re not targeting hibernation immedi-ately on the freeze date. I think we’re focused just on making the plan as healthy as possible as it’s sunsetting.”

Mr. Holcombe said a large por-tion of the assets from the giant contribution were moved into LDI, adding while the company is “planning on immunizing the plan” on the date it freezes, much of what UPS will do depends on market conditions beyond that date. The plan does not have a specifi c glidepath, he said.

The UPS Retirement Plan for non-union employees, the plan being frozen, accounts for about half of UPS’ total DB plan assets, Mr. Holcombe said. UPS an-nounced in June 2017 that the plan would freeze benefi t accru-als as of Jan. 1, 2023.

Ranking high with LDI United Technologies Corp.,

Farmington, Conn., reported the second-highest amount of LDI strategy assets, with $12.65 bil-lion as of Sept. 30, down 3% from the year before. General Electric Co., Boston, ranked third among plans with LDI strategy assets, reporting $9.2 billion, up 31.4% from the year before. GE also in-creased the overall domestic fi xed-income allocation within its $54.3 billion defi ned benefi t plan to 32.8% from 25.3% the pri-or year.

Also reporting one of the high-er amounts of LDI strategy assets was Honeywell International Inc., Morris Plains, N.J., which implemented an LDI strategy in 2018, giving it $8.9 billion in LDI strategy assets, or 44.2% of the U.S. DB plan’s total $20.1 billion in assets.

In the year ended Sept. 30, the company oversaw a signifi cant shifting of its asset allocation, dropping domestic equity and in-ternational equity to 35% and 4%, respectively, from 56% and 13% the year before and bringing do-mestic fi xed income to 44% from 13% the year before.

Calls to Honeywell were not returned.

Johnson & Johnson, New Brunswick, N.J., also reported a signifi cant increase in LDI assets, to $3.84 billion as of Sept. 30, al-most fi ve times its $772 million a year earlier.

One corporate DB plan invest-ment head, who asked not to be identifi ed, said his plan’s im-proved funded status enabled the plan to move further along in its glidepath for its LDI strategy. It was, however, not a “seismic

shift,” the investment head said.“For us,” he said, “we follow a

simple funded status glidepath and our funded status improved (in the year ended Sept. 30) and being stewards of our investment policy we took risk off in a gradual manner to match that improve-ment in funded status. Really for us, it’s a gradual shift to take risk off the plans.”

While his plan’s funded status improved signifi cantly, it was not due to accelerated contributions. Rather, strong market returns for

the year ended Sept. 30 was the pri-mary driver.

“It just demonstrates the impor-tance of setting an investment pol-icy and following it,” the invest-ment head added. “It seems fairly simple but important to execute on the strategy.”

John J. Delaney, Philadelphia-based portfolio manager at Willis Towers Watson PLC, said in a tele-phone interview that the increase in discount rates in the fi rst nine months of 2018 also contributed to the improved funding levels that led plans to move further along their glidepaths, along with strong equity markets and those acceler-ated contributions.

More contributions likelyNow that the Sept. 15, 2018,

deadline to take advantage of the old tax laws has long since passed, U.S. corporations still are likely to accelerate their contributions, said Nathan Wong, San Francisco-based vice president, global manager re-search at Callan LLC..

“PBGC premiums continue to go up,” Mr. Wong said. “I don’t think that is going to change.”

The Pension Benefi t Guaranty Corp.’s variable rates are deter-

mined by the funded status of a plan and is now $43 per $1,000 of underfunding compared to $9 per $1,000 of underfunding just fi ve years ago.

Improving the funded status of a plan for that reason is the “biggest thing on (fund executives’) minds,” Mr. Wong said.

In other areas of domestic fi xed income, DB plans in the top 200 re-duced their exposure to high yield.

The one outlier was General Electric, which reported it had $4 billion in high yield as of Sept. 30, up from zero the year before.

The creation of the high-yield portfolio stood in stark contrast to a 12% overall decrease in high yield among the defi ned benefi t plans in the top 200 to $71.1 billion as of Sept. 30. That is a decrease from $80.8 bil-lion a year earlier.

Some plans and their managers reduced exposure to high yield be-cause of their views of where cor-porate credit is heading.

“In terms of our exposure,” Willis Towers Watson’s Mr. Delaney said, “what we looked at is our valuation case for high yield, the valuation case for loans. We think of that be-ing the corporate-based alternative credit space, and saw in the high-yield space, the level of default that was priced vs. what could happen over the next couple of years.”

“What we did was reduce our high-yield exposure from a third of the alternative credit space at the beginning of the year to about 10% at the end of the year,” Mr. Delaney said. “It’s a pretty signifi cant reduc-tion in terms of our view of corpo-rate credit.”

The defi ned benefi t plan that re-ported the largest drop in high-yield exposure was the California Public Employees’ Retirement Sys-tem, Sacramento, which reported $7.8 billion in high-yield assets as of Sept. 30, just more than half of the $14.8 billion it reported a year earlier.

Others reducing high-yield ex-posures included: the $99.1 billion plan of the Ohio Public Employees’ Retirement System, Columbus, dropping to $2 billion from $2.8 bil-lion in high yield; $15.9 billion Ohio Police & Fire Pension Fund, Colum-bus, to $1.3 billion from $2.16 bil-lion; the $73.1 billion DB plan of the State of Michigan Retirement Sys-tems, East Lansing, to $487 million from $1.02 billion; and the $27.7 bil-lion Northrop Grumman Corp., El Segundo, Calif., DB plan, whose high-yield exposure fell to $431 million from $1.5 billion. �

FixedCONTINUED FROM PAGE 14


Funds with the most DB assets in alternatives Among the top 200 funds; assets are in millions as of Sept. 30.

Buyouts Assets









New Jersey $7,535


Venture capital Assets











Energy Assets




New Jersey $2,370




Ohio Police & Fire $1,346


Alaska Retirement $999

Distressed debt Assets







New York State Common $902

Virginia Retirement $883

Washington State Board $832

New Jersey $824

Growth of LDI assets Among the top 200 DB funds; assets are in billions as of Sept. 30.

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

$110

$120

201820172016201520142013

Funds with the most DB assets in LDI investmentsAmong the top 200; assets are in millions as of Sept. 30.

Fund Assets


United Technologies $12,646


PG&E $8,966

Honeywell $8,872

Prudential Financial $6,896

Caterpillar $6,890

Exelon $5,706

CenturyLink $3,853

Johnson & Johnson $3,841

BIG REASON: Nathan Wong believes ever-rising PBGC premiums will give DB sponsors incentive to keep funding high.

York-based director of global real estate and infrastructure securi-ties, Franklin Templeton Invest-ments. in an email. “Ultimately, investors continue to fi nd that the stable, long-duration cash fl ows of infrastructure assets are ap-pealing additions to institutional portfolios that are dominated by stock and bond investments.”

Rounding out the top fi ve in-frastructure investors on P&I’s ranking are CalSTRS, with infra-structure assets up 21.8% to $2.8 billion; Oregon Public Employ-ees Retirement Fund with a 49.2% increase to $1.8 billion; $213.2 billion New York State Common Retirement Fund, Al-bany, rising a whopping 170% to $1.7 billion; and the New York City Retirement Systems, up 75.2% to $1.6 billion.

Returns boost real estateIf the increase in infrastruc-

ture assets is due to fundraising, much of the increase in investors’ real estate equity portfolios can be attributed to returns. The NC-REIF Property index was up 7.2% during the 12 months ended Sept.

30. The NCREIF Open-end Di-versifi ed Core Equity index re-turned 8.68% gross of fees.

CalPERS also was at the head of the real estate equity list, with assets up 8% to $34.9 billion, fol-lowed by CalSTRS with assets rising 15.2% to $30 billion; Texas Teachers, with $18.3 billion, up 4.3%; Washington State Invest-ment Board, Olympia, which oversees $93.4 billion in defi ned benefi t plan assets, with real es-tate equity increasing 6.3% to $15.7 billion; and the Florida State Board of Administration, Tallahassee, with $163.6 billion in DB assets, up 17.1% to $15 billion.

Likewise, real estate invest-ment trust assets among defi ned benefi t plans in the top 200, up 4% to $52.1 billion during the sur-vey period, got a boost from re-turns. For the 12 months ended Sept. 30, the FTSE Nareit All REIT index was up 4.22% on a to-tal return basis, and the FTSE Nareit All Equity REITs index was up 4.31%.

CalPERS had the most in REITs, with assets up 2% to $27.6 billion. �

Funds with the most DB assets in direct hedge fundsAmong the top 200; assets are in millions as of Sept. 30.

Event driven Assets





Pennsylvania School Empl. $835

Citigroup $718


New Jersey $456


Texas Employees $343

Relative value Assets





Ohio State Teachers $693

Texas County & District $545


Texas Employees $415


West Virginia Investment $218

Bond index fell 1.2% during that period.

The different allocation preferences are refl ected in P&I data, which show the top 1,000 defi ned contribution plans allocated 43.1% of as-sets to domestic stock, 21.6% to target-date funds, 6.7% sta-ble value, 6.4% international stock, 4.9% fi xed income, 12.8% cash and the rest to in-fl ation protection, annuities and other. Defi ned benefi t plans, in contrast, invested 24.8% in domestic stock, 16.4% in international stock, 6.1% in global equity and 26.2% in fi xed income. Among the top 200 DB and DC plans, asset mixes were virtually the same as those of the top 1,000 plans.

Overall, defi ned contribution plans tended to invest heavily in passive indexed equity with the top 200 plans holding $539 bil-lion in the asset class as of Sept. 30, up 14.5% year-over-year, ac-cording to P&I data. There was also a signifi cant uptick in tar-get-date funds, which grew 5.4% in the year to $270.8 billion. Cus-tom target-date funds posted es-pecially vigorous growth, climb-ing 8.8% to $201.4 billion.

Plan inflowsThe other important driver of

DC asset growth are contribu-tions and other plan infl ows, ac-cording to industry analysts.

The streamlining of invest-ment options in DC plans, along with the rising use of auto en-rollment and auto escalation, have had a positive impact on infl ows, said Jason Shapiro, di-rector of investments at Willis Towers Watson PLC in New York. Eligible employees who otherwise might not have par-ticipated in company DC plans because they were overwhelmed by the number of investment options now are more likely to participate and “stick around” in the plans, he added.

Many employers have either frozen or closed their defi ned benefi t plans, moves that have

reduced DB infl ows and sup-ported DC asset growth.

“Corporate clients have been freezing DB plans, so you wouldn’t see as much in terms of new fl ows into those plans as a driver of growth,” said Mr. Veneruso.

While the growth of DC plans outpaced traditional pension plans in both the corporate and public sectors, the growth differ-ential was especially pro-nounced among corporate plans. Among DC plans in P&I’s top 200 universe, corporate spon-sors recorded $1.52 trillion in assets as of Sept. 30, up 11% year-over-year, according to P&Idata. In contrast, corporate DB plans among the top 200 saw as-sets drop 2.9% to $1.21 trillion.

Today, 33% of employers have frozen their DB plans, up from 19% fi ve years ago, according to a report from Alight Solutions.

When companies limit or freeze their DB plans, “they tend to increase their funding of the DC company match,” said Win-fi eld Evens, vice president in Alight’s wealth practice in Char-lotte, N.C.

“They’ll take some portion of the money they were spending to fund the DB plan and redirect that toward the company match, so as a result, more dollars are fl owing from the plan sponsor into the DC plan,” he said.


DCCONTINUED FROM PAGE 3

The largest DC funds by typeAmong the top 200 funds; assets are in millions as of Sept. 30.

401(k) plans Assets

Boeing $64,000

IBM $54,047

Wells Fargo $42,900

Lockheed Martin $33,033






United Continental Holdings $20,575

403(b) plans Assets


New York City Teachers $16,980

Wespath (UMC) $9,302

Mayo Clinic $6,285

California State Teachers $984

Pentegra $323

Oklahoma Teachers $167

North Carolina $16

Maine Public Employees $10

457 plans Assets

New York State Def. Comp. $25,157

New York City Def. Comp. $17,960

Ohio Deferred Comp. $13,980

Los Angeles County Def. $11,724

California Savings Plus $7,282


Wisconsin Invest. Board $5,297

Illinois State Board $4,690


New Jersey $4,446

ESOPs Assets

Lockheed Martin $8,363

Publix Super Markets $8,118



Johnson & Johnson $434

Consolidated Edison $91

401(a) plans Assets



National Electric $8,323


Alaska Retirement $5,579


Tennessee Consolidated $3,849

Illinois State Universities $2,495

South Carolina Public Empl. $2,416


Profit-sharing plans Assets

Southwest Airlines $5,444

Deloitte $3,456

Electrical Ind., Joint Board $1,744

Funds with DC plans offeringauto enrollmentAmong the top 200 plans as of Sept. 30.

Alaska Retirement

American Airlines

Bayer

BP America

California University

Caterpillar

CenturyLink

Citigroup

Consolidated Edison

DowDuPont

Electrical Industry, Joint Board

Exelon

Federal Reserve Employees

Federal Retirement Thrift

Ford Motor

General Electric

Indiana Public Retirement

IBM

Johnson & Johnson

Eli Lilly

Maine Public Employees

Merck

Michigan Municipal

Michigan Retirement

J.P. Morgan Chase

National Electric

Northrop Grumman

Oklahoma Public Employees

Pentegra

PG&E

PNC

Prudential Financial

Southern Co.

Southwest Airlines

Texas Employees

United Continental Holdings

United Technologies

Virginia Retirement

Wespath (UMC)

Funds with the most DC assets in target-date strategiesAmong the top 200; assets are in millions as of Sept. 30.

Fund Total CustomOff-the-shelf

Federal Retirement Thrift $118,856 $118,856

California University $9,242 $9,242

National Electric $8,323 $8,323

United Continental Holdings $7,610 $1,420 $6,190

American Airlines $7,136 $7,136

CenturyLink $6,470 $6,470

IBM $6,013 $5,460 $553

J.P. Morgan Chase $5,806 $5,806

North Carolina $5,371 $5,371

Exelon $5,097 $5,097


Florida State Board $4,851 $4,851

New York City Deferred Comp. $4,667

Merck $4,317 $4,317

National Rural Electric $3,852

Fund Total CustomOff-the-shelf

Los Angeles County Deferred $3,741 $3,741

Deloitte $3,736 $3,736

Northrop Grumman $3,615 $3,615

Caterpillar $3,598 $3,598

Southwest Airlines $3,541 $3,541


BP America $2,859 $2,859

California Savings Plus $2,786 $2,786

Target $2,676 $2,676

Illinois State Board $2,614 $2,614

Honeywell $2,452 $2,452

Bayer $2,447 $2,447

Eli Lilly $2,419 $2,419

United Technologies $2,321 $2,321

PNC $2,306

Funds with the most DC assets in passive equityAmong the top 200; assets are in millions as of Sept. 30.

Fund Assets

Federal Retirement Thrift $330,824

IBM $28,498



New York City Def. Comp. $11,200

New York City Teachers $9,518



American Airlines $7,864

Honeywell $6,483

Funds with the most DC assets in passive bondsAmong the top 200; assets are in millions as of Sept. 30.

Fund Assets

Federal Retirement Thrift $27,654

IBM $3,240


Alaska Retirement $1,516

American Airlines $1,366

Federal Reserve Empl. $1,260


New York State Def. Comp. $749

United Technologies $748

Michigan Retirement $708

Funds with the most DC assets in inflation-protected securitiesAmong the top 200; assets are in millions as of Sept. 30.

Fund Assets

IBM $1,834

American Airlines $914

Wespath (UMC) $589

North Carolina $557

New York City Def. Comp. $394

Florida State Board $358

J.P. Morgan Chase $339

Washington State Board $336

National Electric $331

Federal Reserve Empl. $324

Growth of DC assets Assets are in billions as of Sept. 30.

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

201820172016201520142013

Top 1,000 assets

Top 200 assets

DC plans are posting stronger growth than traditional pension plans even in the public sector, where few DB plans ever shut down, according to Bill Ryan, a partner and head of QDIA manager research and customs solutions at Aon in Chicago. “It’s very rare for a public DB plan to close at all rela-tive to corporate.”

Among defi ned benefi t plans in the top 200, government plans had $3.78 trillion in assets as of Sept. 30, up 5.2% year-over-year. In contrast, government DC plans among the top 200 saw assets climb a more ro-bust 9.3% to $263.2 billion. Public DC assets have grown at a faster pace than public DB each of the past 20 years outside of 2012.

Choices affect inflowsEven though public plans are

rarely terminated, some new hires ate given an opportunity to enroll in either a DB plan or a DC plan, a choice that can curb DB infl ows.

“Instead of 100% of new hires go-ing into the DB plan, it may be 90%, 80%, or something lower. That choice of retirement benefi ts by the participant can account for new or increased monies being contribut-ed to a DC plan year-over-year,” Mr. Ryan said.

Most public DB plans also con-tend with negative cash fl ows, meaning they’re paying out more each year in benefi ts than they’re collecting in contributions, said Keith Brainard, research director at the National Association of State Retirement Administrators in Georgetown, Texas.

The negative cash fl ow averages about 2.5% of the asset base. “If the public pension plans have no in-vestment returns, they’re going to lose about 2.5% of their asset base,” he said.

Paradoxically, employer and em-ployee contributions into DC plans fell 2.5% to $54.9 billion from $56.3 billion the year before, according to P&I data. Employer contributions dropped 4%, while employee con-tributions fell 1.8%.

Observers were mystifi ed, saying the data might refl ect timing issues. (The data only refl ect plan spon-sors that fi lled in that question on P&I’s survey.)

“It could be that sponsors are changing their plan designs to en-courage higher savings and that’s

taking some time to fi lter in,” Mr. Shapiro said.

He and others also posited that changing employer match struc-tures might be causing employees to contribute less. Some employers,

for example, are “stretching out the match,” or raising the bar for em-ployees to snatch the full company contribution, according to Mr. Sha-piro. Instead of offering employees a 100% match for the fi rst 3% em-

ployees contribute, for instance, employers might offer a 50% match for the fi rst 6% contributed.

“In aggregate terms, employees can still get the same match num-ber but they would have to save

more to get it,” said Callan’s Mr. Veneruso.

Participants might not want to reach for the higher bar and as a result, contributions may have fall-en, observers surmised. �


The future of defi ned contribu-tion may be well rooted in the past.

Although high-growth companies are rapidly adding workers and DC retirement assets, some DC industry experts say older companies and some mature industries may lead the charge to greater advances in the future.

“The leaders of the next generation are older, established legacy plans that have older employees,” said Toni Brown, a San Francisco-based senior defi ned contribution strategist at American Funds, part of Capital Group Cos., referring to employers that offer defi ned benefi t and defi ned contribution plans.

Companies with DB and DC plans “tend to pay more attention to employees’ retirement needs,” said Robyn Credico, the Arlington, Va.-based defi ned contribution consulting leader for Willis Towers Watson PLC. For some companies with only a DC plan, “DC is more of an attraction tool than a retirement tool.”

The challenge for companies with DB and DC plans is: “How do I replicate my DB philosophy in a DC plan?” she said. These challenges vary among sponsors depending on workforce demo-graphics, she added.

Ms. Credico and Ms. Brown said a big challenge to sponsors — whether they offer both plans or solely a DC plan — is convincing employees to keep their money in the DC plan when they retire.

They acknowledge the dynamics of baby boomers retiring and

taking their accounts out of their plans. Even though younger people are being hired, their salaries, DC contributions and account balances don’t match those of retirees.

Ms. Brown predicted this infl ow-outfl ow imbalance will last another fi ve to 10 years. “Then, there will be more DC growth because the money from younger employees will be signifi cant.”

Ms. Brown said companies with both DB and DC plans may have an advantage in improving DC plans.

“They think of it as a benefi t, so it’s easier for them to make a leap to faith,” she said. “It’s a little bit easier when you have a DB plan in place to establish a DC plan.”

Of course, DC-only companies “can create a successful DC plan” for the future because “as companies age and employees age, they have a better under-standing of retirement.”

The legacy companies, Ms. Brown added, “appear to be more proactive” in establishing what she calls a retirement tier in their investment lineups to address the needs of older and longer-tenured employees with larger balances.

The retirement tier can include choices among a target-date fund, a collection of target-risk funds that become more conservative over time, stable value, fi xed-income securities and/or an annuity-bidding platform that enables participants to choose out-of-plan annuities.

Ms. Brown cited the health-care industry as one that has “moved

Older companies, not upstarts, will take lead on innovative changes

JUMPING OFF: Toni Brown believes older companies with established DB plans are more likely to ‘make a leap of faith’ in using innovative concepts for their DC plans.

Angie Gaylor

more quickly” to improve DC plans. “Their workforce cares for other people,” she said. “They have a wide range of salaries and knowledge. Many employees are 55 and older.”

Lori Lucas, president and CEO of the Employee Benefi t Research Institute, Washington, cited health-care companies and hospital companies as making efforts to improve DC plans in part by encourag-ing retirees and/or former employees to keep assets in their DC plans.

“Health-care companies see it as a mission to care for their employ-ees,” partly as a refl ection of their goals and also long tenures of many health-care workers, she said.

Ms. Lucas added that a series of focus groups conducted by EBRI in the summer among Silicon Valley companies yielded surprising results. “Even the high-tech companies were

viewing their role as more paternalis-tic than I would have thought.”

DC plan innovation won’t be limited to a specifi c industry or retirement plan approach, said Lew Minsky, president and CEO of the Defi ned Contribution Institutional Investment Association in Washing-ton.

“It depends on the workforce mix and internal corporate culture,” he said. “The variables are too great to predict which group of employers will accelerate the pace of change.”

Mr. Minsky added that large sponsors “might be leaders in investment outsourcing. Employers are looking ways to “move away from owning the fi duciary responsibility of investment choices,” he said. “They have the most to gain from fi guring out the fi duciary puzzle.”

— ROBERT STEYER

Funds with DC plans offering white-label optionsAmong the top 200 plans as of Sept. 30.

Alaska Retirement

American Airlines

BP America

California Savings Plus

California University

Caterpillar

CenturyLink

Citigroup

CVS Health

Exelon

Florida State Board

Honeywell

Indiana Public Retirement

IBM

Johnson & Johnson

Eli Lilly

Los Angeles County Deferred

Merck

Michigan Municipal

National Rural Electric

New York City Deferred Comp.

North Carolina

Oregon Public Employees

Pentegra

PG&E

Target


United Technologies

Virginia Retirement

Wespath (UMC)

Funds with DC plans offering auto escalationAmong the top 200 plans as of Sept. 30.

American Airlines

Bayer

California Savings Plus

Caterpillar

CenturyLink

Citigroup

Consolidated Edison

CVS Health

DowDuPont

Exelon

Federal Reserve Employees

Ford Motor

Honeywell

IBM

Eli Lilly

Merck

Michigan Retirement

J.P. Morgan Chase

National Electric

New Mexico Public Employees

Northrop Grumman

Pentegra

Prudential Financial

Target


United Technologies

Virginia Retirement

Wespath (UMC)

DC managers most used by the top 200 fundsAs of Sept. 30.

DC consultants most used by the top 200 fundsAs of Sept. 30.

ManagerTimes

mentioned

BlackRock 72

Vanguard 47

State Street Global 37

T. Rowe Price 26

Fidelity 22

Capital Group 20

Dodge & Cox 19

Voya 19

Dimensional 18

Prudential 13

ConsultantTimes

mentioned

Mercer 8

Aon 7

Callan 7

NEPC 5

RVK 5

Segal Marco 5

Rocaton 3

Meketa 2

Voya 2

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THE LARGEST RETIREMENT FUNDS - Pensions & Investments

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