Pensions & Investments February 4, 2019 | 13 THE LARGEST RETIREMENT FUNDS

What’s inside

THE FUNDS Peter& Maria Hoey Change 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 BENEFIT Funds 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

ALTERNATIVES Private 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 CONTRIBUTION P&I 1000 statistics at a glance Assets are in billions as of Sept. 30. For largest U.S, fund, the sky’s the limit 27 Growth of Thrift Savings Plan assets 27 Top 1,000 Top 1,000 DB Top 1,000 DC Top 200 Top 100 Top 50 Top 25 Top 200 DB Top 200 DB Funds with the most DC assets in passive equity 34 $11,004.6 $6,908.0 $4,096.6 $7,923.6 $6,467.0 $5,012.6 $3,666.1 $5,455.2 $2,468.4 Funds with the most DC assets in 2017: $10,343.1 2017: $6,617.7 2017: $3,725.4 2017: $7,455.8 2017: $6,099.0 2017: $4,731.4 2017: $3,453.2 2017: $5,225.3 2017: $2,230.5 target-date strategies 34 Funds with the most DC assets in passive bonds 34 2018 2017 2018 2017 2018 2017 Top 200 DB assets assets Top 200 DB assets assets Top 200 DC assets assets Funds with the most DC assets in inflation-protected securities 34 Internally managed* $1,295.6 $1,205.0 Global/int’l active bonds $74.5 $88.6 Passive indexed equity $538.8 $470.4 Domestic equity (active & Passive indexed bonds $50.2 $50.2 Funds with DC plans offering auto $516.7 $452.6 Global equity (active & $266.6 $270.1 indexed) indexed) enrollment 34 REITs $4.4 $4.7 Domestic fixed income (active The largest funds with DC assets in $416.4 $337.3 Emerging markets (active & & indexed) $191.5 $203.4 Inflation-protected securities $8.4 $7.4 target-date strategies 34 indexed) International equity (active & Growth of DC assets 34 $158.2 $156.6 Commodities $1.1 $0.7 indexed) Equity $167.8 $178.1 The largest DC funds by type 34 Target-date strategies* $270.8 $256.9 International fixed income Debt $23.7 $25.3 $19.1 $26.0 Funds with DC plans offering white-label (active & indexed) Custom $201.4 $185.1 options 35 Factor-based equity $38.4 $20.6 Global equity (active & $58.2 $92.7 Off-the-shelf $44.4 $44.0 Funds with DC plans offering auto indexed) LDI investments $94.1 $78.9 escalation 35 Contributions $54.9 $56.3 Alternative investments $50.9 $46.3 Hedge funds $159.7 $159.6 DC managers most used by the top 200 Employer $16.8 $17.5 Direct investments $137.8 $132.2 funds 35 Passive indexed equity $942.1 $924.5 Employee $38.1 $38.8 DC consultants most used by the top 200 Passive indexed bonds $136.0 $142.5 Funds of funds $21.9 $27.4 funds 35 401(k) $650.3 $637.9 Enhanced indexed equity $50.4 $50.4 Commodities $18.2 $21.9 Older companies will lead innovation 35 Profit sharing $10.6 $11.1 Private equity $367.2 $331.7 Enhanced domestic indexed $29.9 $26.3 bonds ESOP $24.2 $23.9 FIXED INCOME Venture capital $40.5 $36.1 Real estate equity $334.7 $315.8 457 $127.2 $107.7 Corporate funds still prize fixed income 14 Buyouts $207.8 $189.4 REITs $52.1 $50.1 401(a) $68.3 $63.0 Growth of DB LDI assets 33 Mezzanine $3.3 $4.6 High yield $71.1 $80.8 403(b) $51.6 $42.4 Funds with the most DB assets in LDI Distressed debt $20.6 $23.5 investments 33 Inflation-protected securities $75.6 $88.7 Other DC $585.1 $537.6 Energy $32.1 $22.8 Cash $77.5 $82.8 MORE ONLINE Infrastructure $28.7 $23.1 Domestic active equity $405.1 $348.6 To view the complete report, including a $177.7 $170.6 Hybrid plans *Total is greater because some funds did not provide full data set, go to pionline.com/ Domestic active bonds $756.8 $670.1 breakouts. sponsors19 Employer contributions $141.9 $124.2 International active equity $437.9 $440.2 Historical data may include retroactive updates. Benefits paid $259.0 $262.8 14 | February 4, 2019 Pensions & Investments THE LARGEST RETIREMENT FUNDS

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

Top 1,000 funds Top 200 funds Top 200 Top 200 Top 200 Top 200 corporate funds public funds union funds misc. funds $11,004.6

$10,326.1 $10,343.1

$7,923.6 $7,455.8

$6,792.3

$4,040.9 $3,831.9 $3,480.9

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

$884.6 $934.3 $138.5 $128.4 $145.9 $791.9

2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018

THE P&I 1000 FIXED INCOME Fixed income still NancyKaye prized in asset mix of corporate funds

Allocations increase 10%; Growth of corporate plans with LDI mindset fxed income taking a special interest allocations Among the top 200 DB funds as By ROB KOZLOWSKI of Sept. 30.

Buoyed by large contributions as 50% a result of tax reform, U.S. corpo- rate def ned benef t plans contin- 45% ued the trend in 2018 of devoting a 40% greater share of their portfolios to 35% f xed income. ANOTHER WAY: Stephen J. Nesbitt said plan sponsors moved to private equity to circumvent risks in a volatile stock environment. As funding improved and glide- 30% path targets were hit, plans particu- 25% THE P&I 1000 ALTERNATIVES larly increased allocations to liabil- ity-driven investing, Pension & 20% Investments’ latest survey of the 15% 1,000 largest U.S. retirement plan 10% Private equity, real assets make sponsors shows. Overall, among U.S. def ned ben- 5% ef t plans of the largest 200 plan 0% sponsors, domestic f xed-income 201520142013 2016 2017 2018 gains with funds wanting safety assets totaled $967.4 billion as of Includes U.S. and global/international fxed Sept. 30, a 10% increase from a year income allocations Leery of equity markets, 24.2% to $28.7 billion, respectively, the aggregate def ned benef t allo- earlier. The increase stands in stark albeit from small bases. Growth cation as of Sept. 30, compared with contrast to the Bloomberg Barclays 30, about double the $7.9 billion re- plans see alternatives as rates for private equity and real es- 8% as of Sept. 30, 2017. Public pen- U.S. Aggregate bond index return ported as of Sept. 30, 2017, and better avenue for returns tate equity in the survey period sion plans had the largest average for the same period at -1.22%. comprising 37.8% of its $41.25 bil- were similar to the year-earlier percentage of their portfolios in Among the DB plans in the top lion in U.S. DB plan assets. By ARLEEN JACOBIUS gains, up 10.7% and 6%, respectively. private equity at 9.3% as of Sept. 30, 200, LDI strategies accounted for The increase in LDI assets for But the wave of capital moving up from 8.8% in the year-earlier $94.1 billion in assets as of Sept. 30, the Atlanta-based shipping com- U.S. pension plans continued into alternatives did not lift all sec- survey. Among corporate plans, pri- up from $78.9 billion reported a pany came on the heels of $7.3 bil- their move into private equity and tors. Mezzanine reversed course vate equity was up to 6.2% from year earlier. lion in contributions to the U.S. real assets in search of return and a from P&I’s 2017 survey data, drop- 5.7%, and the average exposure Among corporate DB plans in pension plans in 2017. Like similar safer alternative to equities. ping 28.3%, while for the third among union plans was 5.8%, a the top 200, there was a further companies that accelerated contri- Many alternative investment as- straight year, distressed debt assets slight increase from 5.7% as of Sept. shift to domestic f xed income as a butions to their def ned benef t set classes represented in Pensions fell, dropping 12.3%. 30, 2017. whole, not just in LDI strategies, plans in 2017 and 2018, UPS said it & Investments’ annual survey of the “It was a risk-off year,” said Ste- The net return for Cambridge with an average asset allocation to had done so to take advantage of largest U.S. retirement plans exhib- phen J. Nesbitt, Marina del Rey, Associates LLC’s U.S. Private Equi- domestic f xed income at 43.4% as the 35% corporate tax rate deduc- ited growth in the 12 months ended Calif.-based CEO of alternative in- ty index was 13.52% for the nine of Sept. 30, above the 38.8% average tion before the Tax Cut and Jobs Sept. 30. Among def ned benef t vestment consulting f rm Cliffwater months ended Sept. 30, and for the allocation a year ago. Act’s lowering of the tax rate to 22% plans in the top 200 retirement sys- LLC. “People found stocks are risky Cambridge U.S. Venture Capital in- United Parcel Service Inc. re- would take effect. tems, energy and infrastructure in- and moved to private equity.” dex it was 18.07%. ported the highest asset total in LDI Through those massive contribu- vestments had the greatest increas- Across P&I’s top 200 universe, At the same time, investors are strategies at $15.6 billion as of Sept. SEE FIXED ON PAGE 33 es, up 40.8% to $32.1 billion and private equity accounted for 8.7% of SEE ALTS ON PAGE 32 Pensions & Investments February 4, 2019 | 15 THE LARGEST RETIREMENT FUNDS

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

DB ASSET MIX 2017 Total DB Total DC Rank rank Sponsor Assets Change assets assets 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 CONTINUED ON PAGE 16 16 | February 4, 2019 Pensions & Investments THE LARGEST RETIREMENT FUNDS

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

DB ASSET MIX 2017 Total DB Total DC Rank rank Sponsor Assets Change assets assets Stocks Bonds Cash Other Key person

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 CONTINUED ON PAGE 18 Develop new perspective. Drive new potential.

Solving complexity takes deconstructing it with creativity and discipline. The hard part: doing so and consistently delivering results.

Heitman.com

19pi0023.pdf RunDate:2/4/19 FULL PAGE Color: 4/C 18 | February 4, 2019 Pensions & Investments THE LARGEST RETIREMENT FUNDS

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

DB ASSET MIX 2017 Total DB Total DC Rank rank Sponsor Assets Change assets assets Stocks Bonds Cash Other Key person

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 Pensions & Investments February 4, 2019 | 19 THE LARGEST RETIREMENT FUNDS

Rank Sponsor Assets Total DB Total DC Rank Sponsor Assets Total DB Total DC Funds by category 201 Cox Enterprises, Atlanta $11,060 $6,508 $4,552 268 Union Pacific, Omaha, Neb. $8,302 $4,207 $4,095

202 Accenture, Chicago $10,997 $208 $10,789 269 Fairfax County Retirement, Fairfax, Va. $8,247 $8,247 Assets are in millions as of Sept. 30.

203 Chicago Teachers $10,964 $10,964 270 Home Depot, Atlanta $8,231 $8,231 Top 200 assets breakdown 204 Schlumberger, Houston $10,836 $4,800 $6,036 271 D.C. Retirement Board, Washington $8,198 $8,198 Public fund assets 205 Cigna, Philadelphia $10,824 $4,365 $6,459 272 AbbVie, North Chicago, Ill. $8,171 $2,896 $5,275 51.0% 206 Tennessee Valley Authority, Knoxville $10,734 $8,149 $2,585 273 Rockwell Collins, Cedar Rapids, Iowa $8,129 $3,704 $4,425 51.4% 207 Huntington Ingalls, Newport News, Va. $10,684 $6,497 $4,187 274 Trinity Health, Farmington Hills, Mich. $8,122 $6,891 $1,231

208 IMF, Washington $10,624 $10,624 275 Duke University, Durham, N.C. $8,098 $1,693 $6,405 Corporate fund assets

209 Sandia, Albuquerque, N.M. $10,617 $6,435 $4,182 276 San Diego City $8,081 $8,081 35.4%

210 University of Pennsylvania, Philadelphia $10,508 $2,001 $8,507 277 Goodyear Tire & Rubber, Akron, Ohio $8,061 $5,112 $2,949 35.0%

211 Presbyterian Church, Philadelphia $10,506 $9,740 $766 278 Stanford University, Stanford, Calif. $8,031 $276 $7,755 Miscellaneous fund assets 212 Comcast Holdings, Philadelphia $10,498 $10,498 279 Northwestern Mutual, Milwaukee $7,960 $5,136 $2,824 11.8% 2018 213 Cook County Employees, Chicago $10,469 $10,469 280 DTE Energy, Detroit $7,936 $5,123 $2,813 11.9% 2017 214 Cargill, Minneapolis $10,424 $2,920 $7,504 281 Texas Instruments, Dallas $7,894 $1,283 $6,611 Union fund assets 215 Marsh & McLennan, New York $10,396 $5,019 $5,377 282 Parker-Hannifin, Cleveland $7,823 $2,665 $5,158 1.8% 216 San Bernardino County, San Bernardino, Calif. $10,376 $10,376 283 L3 Technologies, New York $7,751 $1,595 $6,156 1.7% 217 ConocoPhillips, Houston $10,366 $2,732 $7,634 284 Missouri Local Government, Jefferson City $7,722 $7,722

218 Sacramento County, Sacramento, Calif. $10,331 $9,237 $1,094 285 Cleveland Clinic $7,719 $1,238 $6,481 219 Missouri State Employees, Jefferson City $10,314 $7,997 $2,317 286 SUPERVALU, Eden Prairie, Minn. $7,649 $4,789 $2,860 The largest funds 220 Deseret Mutual Benefit, Salt Lake City $10,276 $6,348 $3,928 287 UNC-Chapel Hill, Chapel Hill, N.C. $7,617 $7,617 Corporate funds 221 American International Group, New York $10,186 $4,457 $5,729 288 UBS Financial Services, Weehawken, N.J. $7,562 $1,337 $6,225 Rank Fund Assets

222 Coca-Cola, Atlanta $10,174 $6,178 $3,996 289 Longshoremen ILWU-PMA, San Francisco $7,548 $5,599 $1,949 1 AT&T $124,129 223 Public Service Enterprise, Newark, N.J. $10,174 $6,494 $3,680 290 HSBC USA, Prospect Heights, Ill. $7,521 $3,579 $3,942 2 Boeing $123,700 224 Delaware Public Employees, Dover $10,110 $10,110 291 Macy’s, Cincinnati $7,520 $3,521 $3,999 3 IBM $103,254 225 Nestle USA, Solon, Ohio $10,091 $4,813 $5,278 292 Leidos, Reston, Va. $7,436 $7,436 4 General Motors $88,527 226 Boilermaker-Blacksmith, Kansas City, Kan. $10,075 $8,559 $1,516 293 Weyerhaeuser, Federal Way, Wash. $7,417 $5,081 $2,336 5 General Electric $80,954 227 Entergy, New Orleans $10,075 $6,194 $3,881 294 Apple, Cupertino, Calif. $7,412 $7,412 6 Lockheed Martin $76,555

228 Dignity Health, San Francisco $9,977 $5,059 $4,918 295 Burlington N. Santa Fe, Fort Worth, Texas $7,349 $2,502 $4,847 7 United Parcel Service $66,244

229 KPMG, Montvale, N.J. $9,975 $3,735 $6,240 296 Plumbers & Pipefitters Nat’l, Alexandria, Va. $7,308 $7,303 $5 8 Bank of America $59,960

230 Arizona Public Safety, Phoenix $9,891 $9,781 $110 297 Marriott International, Bethesda, Md. $7,291 $7,291 9 Ford Motor $57,710

231 Motorola Solutions, Schaumburg, Ill. $9,758 $4,366 $5,392 298 Sysco, Houston $7,280 $3,853 $3,427 10 DowDuPont $53,903

232 General Mills, Minneapolis $9,659 $6,009 $3,650 299 YMCA, New York $7,235 $7,235 Public funds 233 Evangelical Lutheran Church, Minneapolis $9,631 $9,631 300 UPMC, Pittsburgh $7,127 $2,375 $4,752 Rank Fund Assets

234 Rhode Island Employees, Warwick $9,549 $8,412 $1,137 301 Xerox, Norwalk, Conn. $7,114 $2,756 $4,358 1 California Public Employees $376,859 235 Emerson Electric, St. Louis $9,500 $4,506 $4,994 302 Sempra Energy, San Diego $7,108 $3,299 $3,809 2 California State Teachers $230,209 236 Kraft Heinz, Pittsburgh $9,454 $4,929 $4,525 303 Los Angeles City Deferred Comp. $7,086 $7,086 3 New York State Common $213,241 237 Hewlett Packard Ent., Palo Alto, Calif. $9,399 $9,399 304 Aon, Chicago $7,080 $2,111 $4,969 4 New York City Retirement $200,805 238 Sutter Health, Walnut Creek, Calif. $9,339 $4,470 $4,869 305 Danaher, Washington $7,067 $2,106 $4,961 5 Florida State Board $174,721 239 Ascension Health, St. Louis $9,266 $8,527 $739 306 WestRock, Atlanta $6,981 $3,921 $3,060 6 Texas Teachers $153,126 240 Anthem, Indianapolis $9,255 $2,143 $7,112 307 Providence Health, Renton, Wash. $6,978 $52 $6,926 7 New York State Teachers $120,088 241 Arkansas Employees, Little Rock $9,240 $9,240 308 Baxter International, Deerf eld, Ill. $6,966 $4,337 $2,629 8 Wisconsin Investment Board $114,626 242 Eaton, Cleveland $9,208 $3,380 $5,828 309 Ameren, St. Louis $6,903 $4,386 $2,517 9 Washington State Board $112,474

243 Johnson Controls, Milwaukee $9,173 $3,047 $6,126 310 SunTrust, Atlanta $6,886 $3,369 $3,517 10 North Carolina $111,370

244 Wyoming Retirement, Cheyenne $9,100 $8,400 $700 311 MUFG Americas, New York $6,842 $4,296 $2,546 Union funds 245 Massachusetts Deferred Comp., Boston $9,000 $9,000 312 NYU, New York $6,823 $214 $6,609 Rank Fund Assets

246 BASF USA, Florham Park, N.J. $8,998 $3,289 $5,709 313 Cummins, Columbus, Ind. $6,812 $3,016 $3,796 1 Teamsters, Western Conf. $41,764 247 New Hampshire Retirement, Concord $8,931 $8,931 314 ABA Retirement, Chicago $6,811 $6,811 2 National Electric $23,135 248 Southern California Edison, Rosemead $8,931 $4,309 $4,622 315 Michelin, Greenville, S.C. $6,785 $3,225 $3,560 3 Operating Eng. International $18,211 249 Sherwin-Williams, Cleveland $8,885 $1,218 $7,667 316 ADP, Roseland, N.J. $6,776 $2,166 $4,610 4 Teamsters, Central States $14,163 250 UFCW Joint Trust, Southern Calif., Cypress $8,881 $943 $7,938 317 Southern Baptist Convention, Dallas $6,757 $6,757 5 IAM National $12,766 251 Reynolds Group, Richmond, Va. $8,845 $6,502 $2,343 318 Corning, Corning, N.Y. $6,750 $3,081 $3,669 6 National Elevator Industry $12,122 252 NextEra Energy, Juno Beach, Fla. $8,837 $4,116 $4,721 319 CBS, New York $6,737 $2,627 $4,110 7 1199SEIU National $12,029 253 Motion Picture Industry, Studio City, Calif. $8,797 $3,975 $4,822 320 Xcel Energy, Minneapolis $6,711 $3,316 $3,395 8 Electrical Ind., Joint Board $11,720 254 Contra Costa County, Concord, Calif. $8,788 $8,788 321 McKinsey, New York $6,670 $81 $6,589 9 Boilermaker-Blacksmith $10,075 255 Albertsons, Boise, Idaho $8,705 $2,390 $6,315 322 Ingersoll-Rand, Davidson, N.C. $6,622 $1,504 $5,118 10 UFCW Joint Trust - S. Calif. $8,881 256 MIT, Cambridge, Mass. $8,695 $3,697 $4,998 323 Schneider Electric USA, Palatine, Ill. $6,619 $2,417 $4,202 Miscellaneous funds 257 Harvard University, Cambridge, Mass. $8,653 $1,759 $6,894 324 Philips Electronics, New York $6,608 $2,004 $4,604 Rank Fund Assets 258 Reynolds American, Winston-Salem, N.C. $8,645 $6,431 $2,214 325 AstraZeneca US, Wilmington, Del. $6,519 $1,347 $5,172 1 Federal Retirement Thrift $578,755 259 , New York $8,564 $630 $7,934 326 , Nashville, Tenn. $6,476 $3,870 $2,606 Goldman Sachs Bridgestone Americas 2 California University $93,296 260 327 Eversource Energy, Hartford, Conn. $8,500 $5,122 $3,378 Lowes, Wilkesboro, N.C. $6,461 $6,461 3 United Nations Joint Staff $65,605 261 Mars, Mount Olive, N.J. $8,495 $5,556 $2,939 328 Eastman Kodak, Rochester, N.Y. $6,454 $3,584 $2,870 4 National Railroad $28,467 262 Charter Communications, New York $8,480 $3,351 $5,129 329 Thomson Reuters, Stamford, Conn. $6,431 $2,046 $4,385 5 Federal Reserve Employees $25,646 263 Phillips 66, Houston $8,477 $2,923 $5,554 330 Edward Jones, St. Louis $6,428 $6,428 6 Illinois State Universities $21,999 264 Alameda County, Oakland, Calif. $8,454 $8,454 331 WEC Energy Group, Milwaukee $6,426 $3,228 $3,198 7 World Bank $21,834 265 United States Steel, Pittsburgh $8,369 $5,924 $2,445 332 Univ. of Southern California, Los Angeles $6,417 $199 $6,218 8 National Rural Electric $19,844 266 Sanofi-Aventis, Bridgewater, N.J. $8,327 $1,877 $6,450 333 Rockwell Automation, Milwaukee $6,415 $3,030 $3,385 9 Wespath (UMC) $19,816 267 Hartford Financial, Hartford, Conn. $8,304 $3,877 $4,427 10 Mayo Clinic $15,330 CONTINUED ON PAGE 20 20 | February 4, 2019 Pensions & Investments THE LARGEST RETIREMENT FUNDS

The largest retirement funds/sponsors Ranked by total assets, in millions, as of Sept. 30. Rank Sponsor Assets Total DB Total DC Rank Sponsor Assets Total DB Total DC Funds by type 334 Carpenters, New York City $6,401 $3,821 $2,580 401 State Street, Boston $4,995 $941 $4,054

335 DXC Technology, Tysons, Va. $6,400 $3,180 $3,220 402 WMATA Retirement, Washington $4,979 $4,979 Assets are in millions as of Sept. 30.

336 AECOM, Los Angeles $6,370 $291 $6,079 403 Deutsche Bank USA, Jersey City, N.J. $4,969 $1,406 $3,563

337 Chubb, Warren, N.J. $6,363 $3,348 $3,015 404 Nissan USA, Nashville, Tenn. $4,957 $1,734 $3,223 Top 200 assets breakdown 338 Carpenters, Northern Calif., Oakland $6,355 $3,707 $2,648 405 Steelworkers Pension, Trevose, Pa. $4,951 $4,951 Defned beneft assets 339 Willis Towers Watson, Philadelphia $6,260 $2,986 $3,274 406 Washington University, St. Louis $4,931 $4,931 68.8% 340 Tenet Healthcare, Dallas $6,140 $6,140 407 Becton, Dickinson, Franklin Lakes, N.J. $4,927 $1,461 $3,466 70.1% 341 Arconic, Pittsburgh $6,112 $3,409 $2,703 408 CNA Financial, Chicago $4,913 $2,652 $2,261 Defned contribution assets 342 Yale University, New Haven, Conn. $6,097 $6,097 409 UFCW, Atlanta, Atlanta $4,901 $4,901 31.2% 2018 343 Cornell University, Ithaca, N.Y. $6,063 $6,063 410 Qualcomm, San Diego $4,896 $4,896 2017 29.9% 344 Ecolab, St. Paul, Minn. $6,014 $2,290 $3,724 411 Conagra Brands, Omaha, Neb. $4,868 $3,437 $1,431

345 Intermountain Healthcare, Salt Lake City $5,975 $2,932 $3,043 412 Fresno County, Fresno, Calif. $4,868 $4,868 346 Capital One Financial, McLean, Va. $5,964 $253 $5,711 413 Army & Air Force Exchange, Dallas $4,837 $4,837 The largest funds 347 MassMutual, Springf eld, Mass. $5,963 $2,745 $3,218 414 Amazon.com, Seattle $4,820 $4,820 DB plans 348 Vanguard Group, Valley Forge, Pa. $5,936 $5,936 415 Pinnacle West, Phoenix $4,819 $3,498 $1,321 Rank Fund Assets 349 Frontier Communications, Stamford, Conn. $5,927 $2,809 $3,118 416 Saint-Gobain, Malvern, Pa. $4,794 $2,934 $1,860 1 California Public Employees $375,117 350 MITRE, Bedford, Mass. $5,926 $5,926 417 Memorial Sloan-Kettering, New York $4,767 $1,479 $3,288 2 California State Teachers $229,181 351 UMWA Health & Retirement, Washington $5,912 $5,508 $404 418 Air Products & Chemicals, Allentown, Pa. $4,750 $2,685 $2,065 3 New York State Common $213,241 352 Kellogg, Battle Creek, Mich. $5,901 $3,553 $2,348 419 Manufacturers & Traders, Buffalo, N.Y. $4,738 $2,065 $2,673 4 New York City Retirement $200,805 353 Ericsson, Plano, Texas $5,859 $2,550 $3,309 420 Sprint, Overland Park, Kan. $4,738 $1,513 $3,225 5 Florida State Board $163,600 354 , Bismarck $5,830 $5,830 421 Des Moines, Iowa $4,731 $1,730 $3,001 North Dakota State Principal Financial, 6 Texas Teachers $153,126 355 422 Kimberly-Clark, Dallas $5,822 $1,718 $4,104 American Honda Motor, Marysville, Ohio $4,719 $4,719 7 New York State Teachers $120,088 356 Thermo Fisher Scientific, Waltham, Mass. $5,822 $1,242 $4,580 423 Service Employees 32B & 32J, New York $4,713 $3,214 $1,499 8 Wisconsin Investment Board $109,329 357 J.C. Penney, Plano, Texas $5,775 $3,240 $2,535 424 Progressive, Mayf eld Village, Ohio $4,706 $4,706 9 North Carolina $99,508 358 Mount Sinai, New York $5,750 $20 $5,730 425 Saudi Arabian Oil, Houston $4,653 $2,161 $2,492 10 Ohio Public Employees $99,103 359 American Express, New York $5,728 $5,728 426 S&P Global, New York $4,612 $1,783 $2,829

360 Houston Police Officers $5,697 $5,697 427 University of Rochester, Rochester, N.Y. $4,610 $4,610 DC plans Rank Fund Assets 361 Bechtel Global, San Francisco $5,685 $5,685 428 California Inst. of Technology, Pasadena $4,609 $4,609 1 Federal Retirement Thrift $578,755 362 Community Health, Franklin, Tenn. $5,673 $926 $4,747 429 Sony Music Entertainment, New York $4,607 $804 $3,803 2 AT&T $65,478 363 Michigan State Univ., East Lansing $5,658 $5,658 430 Battelle, Columbus, Ohio $4,603 $2,521 $2,082 3 Boeing $64,000 364 Whirlpool, Benton Harbor, Mich. $5,643 $2,765 $2,878 431 AK Steel, West Chester, Ohio $4,601 $2,401 $2,200 4 IBM $54,047 365 Southwest Airlines Pilots, Dallas $5,600 $5,600 432 John Hancock, Boston $4,581 $2,611 $1,970 5 Wells Fargo $42,900 366 Colorado Fire & Police, Greenwood Village $5,567 $5,085 $482 433 Robert Bosch, Broadview, Ill. $4,558 $1,551 $3,007 6 Lockheed Martin $41,396 367 CSX, Jacksonville, Fla. $5,541 $2,785 $2,756 434 Carpenters, New England, Wilmington, Mass. $4,551 $4,551 7 Bank of America $40,672 368 Catholic Health Initiatives, Denver $5,527 $26 $5,501 435 Con-way, San Mateo, Calif. $4,550 $1,853 $2,697 8 Verizon $34,560 369 Credit Suisse (USA), New York $5,485 $1,043 $4,442 436 Fannie Mae, Washington $4,539 $2,038 $2,501 9 Walmart $31,894 370 PPL, Allentown, Pa. $5,461 $3,746 $1,715 437 SAP America, Newtown Square, Pa. $4,529 $4,529 10 J.P. Morgan Chase $28,744 371 Anheuser-Busch InBev, St. Louis $5,450 $1,489 $3,961 438 CSRA, Falls Church, Va. $4,524 $2,472 $2,052 372 Colgate-Palmolive, New York $5,446 $1,915 $3,531 439 NTCA, Arlington, Va. $4,515 $2,463 $2,052 Public DC plans 373 Vermont Pension, Montpelier $5,390 $4,652 $738 440 San Mateo County, Redwood City, Calif. $4,511 $4,511 Rank Fund Assets 1 $25,157 374 PPG Industries, Pittsburgh $5,383 $1,366 $4,017 441 Carpenters, Southwest, Albuquerque, N.M. $4,509 $4,509 New York State Def. Comp. 2 New York City Def. Comp. $21,547 375 ArcelorMittal USA, Chicago $5,374 $2,904 $2,470 442 Operating Eng. Local 3, Alameda, Calif. $4,495 $4,175 $320 3 Washington State Board $19,048 376 Ventura County, Ventura, Calif. $5,370 $5,370 443 Valvoline, Lexington, Ky. $4,485 $2,653 $1,832 4 New York City Teachers $16,980 377 Milwaukee City $5,365 $5,365 444 Quest Diagnostics, Teterboro, N.J. $4,461 $4,461 5 Los Angeles Co. Deferred $14,773 378 Nat’l Sprinkler Local 669, Landover, Md. $5,327 $3,608 $1,719 445 Norfolk Southern, Norfolk, Va. $4,442 $2,424 $2,018 6 California Savings Plus $14,585 379 Amgen, Thousand Oaks, Calif. $5,325 $5,325 446 McKesson, San Francisco $4,441 $348 $4,093 7 Ohio Deferred Comp. $13,980 380 Sheet Metal National, Fairfax, Va. $5,300 $5,202 $98 447 Inter-Amer. Dev. Bank, Washington $4,439 $4,439 8 North Carolina $11,862 381 Northwell Health, New Hyde Park, N.Y. $5,273 $5,273 448 Florida Deferred Comp., Tallahassee $4,438 $4,438 9 Florida State Board $11,121 382 Booz Allen Hamilton, New York $5,249 $5,249 449 Molson Coors Brewing, Denver $4,430 $2,011 $2,419 10 Minnesota State Board $9,343 383 Unisys, Blue Bell, Pa. $5,239 $3,708 $1,531 450 Nucor, Charlotte, N.C. $4,420 $4,420

384 Valero Energy, San Antonio $5,211 $2,400 $2,811 451 Sony America, New York $4,414 $748 $3,666

385 Marathon Petroleum, Findlay, Ohio $5,190 $1,788 $3,402 452 Vanderbilt University, Nashville, Tenn. $4,404 $4,404

386 Eastman Chemical, Kingsport, Tenn. $5,159 $1,975 $3,184 453 Kansas Regents, Topeka, Kan. $4,399 $4,399

387 Illinois Tool Works, Glenview $5,154 $1,784 $3,370 454 Operating Eng. Midwest, Countryside, Ill. $4,399 $4,310 $89

388 Montgomery County, Rockville, Md. $5,152 $4,336 $816 455 Regions Financial, Birmingham, Ala. $4,367 $2,294 $2,073

389 University of Chicago $5,136 $371 $4,765 456 Archer Daniels Midland, Decatur, Ill. $4,360 $2,005 $2,355

390 Chicago Deferred Compensation $5,126 $5,126 457 Campbell Soup, Camden, N.J. $4,346 $3,026 $1,320

391 GEICO, Washington $5,120 $1,418 $3,702 458 CMS/Consumers Energy, Jackson, Mich. $4,343 $2,714 $1,629

392 Philadelphia Public Employees $5,118 $5,118 459 Carpenters, Chicago $4,320 $3,745 $575

393 AXA Financial, New York $5,117 $2,809 $2,308 460 CenterPoint Energy, Houston $4,314 $1,939 $2,375

394 Savannah River, Aiken, S.C. $5,110 $2,940 $2,170 461 Louisiana Parochial Empl., Baton Rouge $4,301 $4,301

395 Halliburton, Houston $5,104 $82 $5,022 462 Kinder Morgan, Houston $4,266 $2,031 $2,235

396 Sears Holdings, Hoffman Estates, Ill. $5,103 $2,715 $2,388 463 Avaya, Santa Clara, Calif. $4,265 $2,540 $1,725

397 Alcoa, Pittsburgh $5,066 $4,016 $1,050 464 Comerica, Dallas $4,260 $2,667 $1,593

398 R.R. Donnelley, Chicago $5,035 $3,745 $1,290 465 Phoenix City $4,260 $2,444 $1,816

399 Boston Retirement $5,032 $5,032 466 Kern County Employees, Bakersf eld, Calif. $4,252 $4,252

400 Humana, Louisville, Ky. $5,008 $5,008 467 Major League Baseball, New York $4,231 $3,614 $617 Pensions & Investments February 4, 2019 | 21 THE LARGEST RETIREMENT FUNDS

Rank Sponsor Assets Total DB Total DC Rank Sponsor Assets Total DB Total DC Average DB plan 468 KeyCorp, Cleveland $4,214 $1,192 $3,022 535 Carpenters, Ohio, Cleveland $3,555 $3,246 $309

469 Chicago Municipal Employees $4,207 $4,207 536 Praxair, Danbury, Conn. $3,544 $1,701 $1,843 asset mixes

470 Amsted Industries, Chicago $4,206 $172 $4,034 537 Nordstrom, Seattle $3,513 $3,513 As of Sept. 30.

471 PACCAR, Bellevue, Wash. $4,191 $2,230 $1,961 538 Occidental Petroleum, Houston $3,495 $106 $3,389 Top 200 plans 472 Bakery & Confectionery, Kensington, Md. $4,176 $4,176 539 Maryland Optional, Baltimore $3,480 $3,480 Corporate plans 2018 2017 473 Sentara Healthcare, Norfolk, Va. $4,171 $2,069 $2,102 540 Emory University, Atlanta $3,472 $3,472 Domestic stock 15.0% 20.5% 474 Houston Firefighters $4,168 $4,168 541 NiSource, Merrillville, Ind. $3,463 $1,998 $1,465 International stock 10.0% 13.8% 475 UFCW, Northern California, Concord $4,159 $3,864 $295 542 Pipefitters Local 597, Chicago $3,437 $2,203 $1,234 Global equity 10.2% 4.4% 476 Adventist Healthcare, Bolingbrook, Ill. $4,146 $202 $3,944 543 Boston University $3,426 $3,426 Domestic fixed income 43.4% 38.8% 477 Maryland Supplemental, Baltimore $4,129 $4,129 544 Kentucky Deferred Comp., Frankfort $3,425 $3,425 Global/int’l fixed income 1.5% 1.6% 478 Baker Hughes, Sugar Land, Texas $4,110 $683 $3,427 545 Stryker, Kalamazoo, Mich. $3,415 $3,415 Cash 2.4% 3.0% 479 Nike, Beaverton, Ore. $4,097 $4,097 546 Ricoh USA, Atlanta $3,414 $1,025 $2,389 Private equity 6.2% 5.7%

480 ECA & Local 134 IBEW, Chicago $4,093 $1,780 $2,313 547 Oncor Electric Delivery, Dallas $3,405 $2,587 $818 Real estate equity 4.7% 4.8% Alternative investments 4.9% 6.0% 481 Bechtel Marine Propulsion, West Miff in, Pa. $4,087 $2,261 $1,826 548 Cardinal Health, Dublin, Ohio $3,386 $3,386 Other 1.7% 1.4% 482 Lutherans - Missouri Synod, St. Louis $4,085 $3,565 $520 549 United Church of Christ, New York $3,369 $3,369

483 Painters & Allied Trades, Washington $4,066 $3,513 $553 550 Stanford Hospital, Stanford, Calif. $3,361 $240 $3,121 Public plans 2018 2017

484 Genuine Parts, Atlanta $4,042 $2,057 $1,985 551 Hormel Foods, Austin, Minn. $3,353 $1,459 $1,894 Domestic stock 26.5% 26.2% International stock 17.7% 19.5% 485 Alaska Air, Seattle $4,039 $1,721 $2,318 552 IBEW International, Washington $3,327 $3,236 $91 Global equity 4.8% 4.9% 486 Winco Foods, Boise, Idaho $4,038 $4,038 553 TJX, Framingham, Mass. $3,325 $1,439 $1,886 Domestic fixed income 20.8% 20.0% 487 University of Kentucky, Lexington $4,027 $4,027 554 San Antonio Fire & Police $3,323 $3,323 Global/int’l fixed income 2.1% 2.0% 488 Charles Schwab, San Francisco $4,026 $4,026 555 Burns & McDonnell, Kansas City, Mo. $3,316 $13 $3,303 Cash 1.6% 1.6% 489 Northern Trust, Chicago $4,025 $1,607 $2,418 556 Teamsters Local 710, Chicago $3,314 $3,314 Private equity 9.3% 8.8% 490 Insperity, Kingwood, Texas $4,017 $4,017 557 Producer-Writers Guild, Burbank, Calif. $3,313 $3,313 Real estate equity 8.1% 8.0% 491 Zurich American, Schaumburg, Ill. $4,015 $1,504 $2,511 558 Allergan, Irvine, Calif. $3,312 $751 $2,561 Alternative investments 7.3% 6.6%

492 BJC HealthCare, St. Louis $4,006 $2,408 $1,598 559 BMO Harris Bank, Chicago $3,302 $1,226 $2,076 Other 1.8% 2.4%

493 Louisiana Sheriffs, Baton Rouge $3,963 $3,963 560 Gannett, McLean, Va. $3,296 $1,835 $1,461 Union plans 2018 2017 494 Highmark, Pittsburgh $3,946 $2,366 $1,580 561 Stanley Black & Decker, New Britain, Conn. $3,296 $1,230 $2,066 Domestic stock 26.9% 27.7% 495 FM Global, Johnson, R.I. $3,944 $2,662 $1,282 562 Montgomery Pub. Schools, Rockville, Md. $3,295 $1,757 $1,538 International stock 8.8% 9.7%

496 Iberdrola USA, Rochester, N.Y. $3,937 $1,933 $2,004 563 Unum Group, Chattanooga, Tenn. $3,290 $1,621 $1,669 Global equity 10.1% 9.1% Domestic fixed income 31.9% 29.3% 497 B&W Technical Y-12, Oak Ridge, Tenn. $3,935 $2,514 $1,421 564 Newell Brands, Hoboken, N.J. $3,286 $1,301 $1,985 Global/int’l fixed income 0.8% 1.4% 498 Capital Group, Los Angeles $3,934 $2,548 $1,386 565 Olin, Clayton, Mo. $3,284 $2,414 $870 Cash 0.6% 0.4% 499 Carpenters, New Jersey, Edison $3,933 $1,521 $2,412 566 Harley-Davidson, Milwaukee $3,281 $2,222 $1,059 Private equity 5.8% 5.7% 500 Hearst, New York $3,930 $2,461 $1,469 567 Allegheny Technologies, Pittsburgh $3,260 $2,090 $1,170 Real estate equity 9.0% 9.5% 501 New York State Nurses, Albany $3,929 $3,929 568 Enterprise Rent-A-Car, St. Louis $3,260 $3,260 Alternative investments 6.1% 6.6% 502 Atlanta City $3,909 $3,561 $348 569 FIS, Jacksonville, Fla. $3,246 $3,246 Other 0.0% 0.6% 503 Food Lion, Salisbury, N.C. $3,887 $1,119 $2,768 570 Navistar, Lisle, Ill. $3,241 $2,136 $1,105

504 RELX, New York $3,885 $1,403 $2,482 571 Lincoln National, Radnor, Pa. $3,232 $1,056 $2,176 Top 1,000 plans Corporate plans 2018 2017 505 CH2M HILL, Englewood, Colo. $3,852 $377 $3,475 572 LyondellBasell, Houston $3,232 $1,482 $1,750 Domestic stock 16.4% 21.5% 506 Meijer, Grand Rapids, Mich. $3,839 $2,681 $1,158 573 Pitney Bowes, Stamford, Conn. $3,229 $1,594 $1,635 International stock 10.5% 14.1% 507 Northwestern University, Evanston, Ill. $3,831 $3,831 574 Salt River Valley, Tempe, Ariz. $3,228 $2,298 $930 Global equity 9.3% 4.3% 508 SAG - Producers, Burbank, Calif. $3,823 $3,823 575 Farmers Group, Los Angeles $3,221 $3,221 Domestic fixed income 43.5% 38.8% 509 Voya Financial, Atlanta $3,820 $1,810 $2,010 576 Solvay USA, Princeton, N.J. $3,217 $1,319 $1,898 Global/int’l fixed income 1.5% 1.7% 510 McDonald’s, Oak Brook, Ill. $3,803 $3,803 577 Idaho National Laboratory, Idaho Falls $3,212 $1,908 $1,304 Cash 2.3% 2.9% 511 Ahold USA, Quincy, Mass. $3,778 $1,013 $2,765 578 Iron Workers, California, Pasadena $3,175 $2,232 $943 Private equity 5.8% 5.3%

512 Rite Aid, Harrisburg, Pa. $3,763 $3,763 579 Omnicom Group, New York $3,166 $3,166 Real estate equity 4.4% 4.3% Alternative investments 4.6% 5.7% 513 Boehringer Ingelheim, Ridgef eld, Conn. $3,737 $1,674 $2,063 580 ABB, Norwalk, Conn. $3,163 $1,042 $2,121 Other 1.7% 1.4% 514 Tyco Electronics, Berwyn, Pa. $3,729 $1,077 $2,652 581 Parsons, Pasadena, Calif. $3,158 $3,158

515 Twenty-First Century Fox, New York $3,694 $1,086 $2,608 582 Hanford Site, Richland, Wash. $3,138 $1,475 $1,663 Public plans 2018 2017

516 Guardian Life, New York $3,689 $2,281 $1,408 583 Applied Materials, Santa Clara, Calif. $3,126 $3,126 Domestic stock 26.4% 26.1% International stock 17.7% 19.4% 517 Ball, Broomf eld, Colo. $3,688 $1,180 $2,508 584 Graham Holdings, Washington $3,125 $2,400 $725 Global equity 4.8% 4.9% 518 Celanese Americas, Dallas $3,677 $2,936 $741 585 Tribune, Chicago $3,116 $1,760 $1,356 Domestic fixed income 20.8% 19.8% 519 Directors Guild-Producer, Los Angeles $3,666 $1,774 $1,892 586 Santa Barbara County, Santa Barbara, Calif. $3,104 $3,104 Global/Int'l fixed income 2.2% 2.2% 520 587 Fluor, Irving, Texas $3,661 $3,661 Beaumont Hospitals, Royal Oak, Mich. $3,097 $1,249 $1,848 Cash 1.4% 1.8% 521 San Jose Police & Fire, San Jose, Calif. $3,659 $3,659 588 Anadarko Petroleum, The Woodlands, Texas $3,094 $1,406 $1,688 Private equity 9.2% 8.7% 522 Hallmark Cards, Kansas City, Mo. $3,657 $577 $3,080 589 KBR, Houston $3,080 $88 $2,992 Real estate equity 8.1% 7.9% 523 Boston Scientific, Natick, Mass. $3,632 $3,632 590 Citizens Financial, Providence, R.I. $3,077 $1,166 $1,911 Alternative investments 7.5% 6.9%

524 Nashville & Davidson County, Nashville, Tenn. $3,624 $3,293 $331 591 Banner Health, Phoenix $3,069 $139 $2,930 Other 1.9% 2.3%

525 Mondelez International, Deerf eld, Ill. $3,620 $1,758 $1,862 592 NCR, Duluth, Ga. $3,063 $1,481 $1,582 Union plans 2018 2017 526 Univ. of Missouri Curators, Columbia $3,609 $3,609 593 Laborers, Northern Calif., Fairf eld $3,062 $2,599 $463 Domestic stock 26.7% 27.8% 527 Dallas City Employees $3,599 $3,599 594 Fresno City Retirement, Fresno, Calif. $3,061 $2,869 $192 International stock 9.9% 10.1%

528 Laborers, Chicago & Vicinity, Westchester, Ill. $3,597 $3,597 595 Unilever USA, Englewood Cliffs, N.J. $3,056 $1,152 $1,904 Global equity 9.2% 8.6% Domestic fixed income 28.3% 26.9% 529 Montefiore Medical Center, Bronx, N.Y. $3,590 $29 $3,561 596 Auto Club of S. Calif., Costa Mesa $3,055 $2,042 $1,013 Global/int’l fixed income 1.2% 1.5% 530 Triumph Group, Berwyn, Pa. $3,589 $2,490 $1,099 597 Fiserv, Brookf eld, Wis. $3,055 $6 $3,049 Cash 0.7% 0.5% 531 Health Care Service, Chicago $3,582 $1,584 $1,998 598 Laborers, Massachusetts, Burlington $3,054 $1,624 $1,430 Private equity 6.3% 5.8% 532 Precision Castparts, Portland, Ore. $3,568 $1,727 $1,841 599 Publicis USA, Chicago $3,046 $225 $2,821 Real estate equity 9.2% 10.0% 533 TD Bank, Portland, Maine $3,565 $479 $3,086 600 Carpenters, Empire State, Hauppauge, N.Y. $3,028 $3,028 Alternative investments 7.6% 7.2% 534 American Nat’l Red Cross, Washington $3,562 $2,417 $1,145 0.9% 1.6% CONTINUED ON PAGE 22 Other 22 | February 4, 2019 Pensions & Investments THE LARGEST RETIREMENT FUNDS

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

Rank Sponsor Assets Total DB Total DC Rank Sponsor Assets Total DB Total DC Average DC plan 601 Oldcastle, Atlanta $3,028 $291 $2,737 668 Westinghouse Elec., Cranberry Township, Pa. $2,584 $1,130 $1,454

602 Allina Health, Minneapolis $2,996 $41 $2,955 669 NXP Semiconductors, Austin, Texas $2,562 $2,562 asset mixes

603 Advance Publications, New York $2,976 $1,591 $1,385 670 Marin County Empl., San Rafael, Calif. $2,556 $2,556 As of Sept. 30.

604 Hartford HealthCare, Hartford, Conn. $2,975 $1,667 $1,308 671 Tyson Foods, Springdale, Ark. $2,551 $67 $2,484

605 Detroit Police & Fire $2,973 $2,973 672 Verisk Analytics, Jersey City, N.J. $2,546 $586 $1,960 Top 200 plans 2018 2017 606 ARAMARK, Philadelphia $2,966 $1,440 $1,526 673 Henkel, Rocky Hill, Conn. $2,544 $869 $1,675 Corporate plans Sponsoring co. stock 12.7% 13.4% 607 Hess, New York $2,964 $2,187 $777 674 Operating Eng. 302 & 612, Bothell, Wash. $2,538 $2,538 Other domestic stock 34.6% 32.6% 608 Williams, Tulsa, Okla. $2,950 $1,484 $1,466 675 Bloomberg, New York $2,535 $2,535 International stock 6.8% 7.3% 609 Manhattan & Bronx Surface, New York $2,946 $2,946 676 Interpublic Group, New York $2,533 $110 $2,423 Fixed income 5.0% 5.6% 610 San Joaquin County, Stockton, Calif. $2,940 $2,940 677 Fifth Third, Cincinnati $2,528 $190 $2,338 Stable value 10.1% 9.6% 611 AFTRA, New York $2,939 $2,939 678 Fresenius Medical Care, Waltham, Mass. $2,527 $2,527 Cash 1.8% 2.1% 612 Seattle City Employees $2,902 $2,902 679 Volvo Group, Greensboro, N.C. $2,509 $1,259 $1,250 Target date 19.9% 20.4% 613 Case New Holland, Burr Ridge, Ill. $2,874 $1,235 $1,639 680 Sidley Austin, Chicago $2,504 $951 $1,553 Inflation protection 0.5% 0.4% 614 Smithfield Foods, Smithf eld, Va. $2,870 $1,822 $1,048 681 Service Employees Int’l, Washington $2,503 $2,503 Annuities 0.3% 0.2% 615 W.W. Grainger, Lake Forest, Ill. $2,866 $2,866 682 Pipe Trades, Twin Cities, St. Paul, Minn. $2,496 $1,301 $1,195 Other 8.3% 8.4% 616 H.E. Butt Grocery, San Antonio $2,862 $2,862 683 Georgia Municipal, Atlanta $2,476 $2,476 Public plans 2018 2017 617 Houston Municipal $2,862 $2,862 684 Pearson, New York $2,475 $132 $2,343 Domestic stock 43.0% 41.0% 618 Retail Clerks, Washington, Seattle $2,861 $2,861 685 Johns Hopkins, Baltimore $2,474 $1,407 $1,067 International stock 6.5% 7.5% 619 University of Wisconsin, Madison $2,859 $2,859 686 Puerto Rico Teachers, Hato Rey $2,474 $2,474 Fixed income 5.5% 5.9% 620 Baltimore Fire & Police $2,855 $2,855 687 UnityPoint Health, West Des Moines, Iowa $2,459 $460 $1,999 Stable value 14.8% 18.0% 621 American Family, Madison, Wis. $2,849 $1,551 $1,298 688 Prince George’s County, Largo, Md. $2,447 $2,023 $424 Cash 2.4% 1.9% 622 Baltimore County, Towson, Md. $2,845 $2,845 689 Assurant, New York $2,442 $1,045 $1,397 Target date 21.6% 18.7% 623 Sentry Insurance, Stevens Point, Wis. $2,836 $1,526 $1,310 690 Bert Bell/Pete Rozelle NFL, Baltimore $2,440 $2,440 Inflation protection 0.3% 0.3% 624 Operating Engineers Local 18, Cleveland $2,827 $2,827 691 Intercontinental Exchange, Atlanta $2,437 $890 $1,547 Annuities 0.1% 0.7% 625 Quad/Graphics, Sussex, Wis. $2,826 $472 $2,354 692 Cincinnati City $2,429 $2,429 Other 5.8% 6.0%

626 Chicago Policemen $2,821 $2,821 693 Princeton University, Princeton, N.J. $2,414 $2,414 Union plans 2018 2017 627 Express Scripts, Franklin Lakes, N.J. $2,821 $2,821 694 Jacksonville Gen’l Empl., Jacksonville, Fla. $2,413 $2,413 Domestic stock 1.8% 2.2% 628 Hawaii Deferred Compensation, Honolulu $2,821 $2,821 695 Equity League, New York $2,412 $2,095 $317 International stock 0.3% 0.4% 629 New York Times, New York $2,820 $1,571 $1,249 696 Carpenters, Philadelphia $2,406 $2,189 $217 Fixed income 0.2% 0.3% 630 VF Corp., Greensboro, N.C. $2,812 $1,696 $1,116 697 NYC Hotel Trades, New York $2,404 $1,861 $543 Stable value 0.8% 1.0% 631 Ryder System, Miami $2,805 $1,431 $1,374 698 Cerner, Kansas City, Mo. $2,402 $2,402 Cash 0.0% 0.0% 632 Santa Clara County Def., San Jose, Calif. $2,798 $2,798 699 Tallahassee City, Tallahassee, Fla. $2,394 $1,735 $659 Target date 96.8% 96.0% 633 Savings Banks Employees, Woburn, Mass. $2,790 $1,766 $1,024 700 Denver Employees $2,388 $2,388 Inflation protection 0.1% 0.1%

634 Sonoma County, Santa Rosa, Calif. $2,775 $2,775 701 Roofers United, Washington $2,382 $2,347 $35 Annuities 0.0% 0.0%

635 PacifiCorp, Portland, Ore. $2,760 $1,202 $1,558 702 Building Trades United, Elm Grove, Wis. $2,367 $2,367 Other 0.0% 0.0%

636 Fairfax County Education, Springf eld, Va. $2,759 $2,759 703 Dun & Bradstreet, Short Hills, N.J. $2,365 $1,283 $1,082 Top 1,000 plans 637 Laborers International, Washington $2,749 $2,647 $102 704 Kohler, Kohler, Wis. $2,357 $1,389 $968 Corporate plans 2018 2017 638 Estee Lauder, Melville, N.Y. $2,748 $910 $1,838 705 Wellington Mgmt., Boston $2,352 $152 $2,200 Sponsoring co. stock 11.6% 12.5% 639 Arlington County, Arlington, Va. $2,737 $2,737 706 JetBlue Airways, Long Island City, N.Y. $2,351 $2,351 Other domestic stock 35.7% 33.6% 640 University of Miami, Coral Gables, Fla. $2,737 $2,737 707 San Jose Federated City, San Jose, Calif. $2,341 $2,341 International stock 7.2% 7.4% 641 HDR, Omaha, Neb. $2,727 $2,727 708 Los Angeles County MTA, Los Angeles $2,340 $1,497 $843 Fixed income 5.4% 6.0% 642 Hershey, Hershey, Pa. $2,727 $1,055 $1,672 709 Andersen, Bayport, Minn. $2,332 $890 $1,442 Stable value 9.8% 9.6% 643 UBS Investment Bank, Stamford, Conn. $2,721 $441 $2,280 710 IBEW 11, 440, 441, 477, City of Commerce, Calif. $2,332 $1,401 $931 Cash 1.8% 1.9% 644 Oklahoma Firefighters, Oklahoma City $2,720 $2,720 711 BlackRock, New York $2,324 $2,324 Target date 20.6% 21.1% 645 SAS Institute, Cary, N.C. $2,718 $2,718 712 George Washington Univ., Washington $2,324 $2,324 Inflation protection 0.5% 0.4% 646 Carpenters, St. Louis $2,712 $2,712 713 MPERS, Jefferson City, Mo. $2,313 $2,313 Annuities 0.2% 0.2% 647 Daimler Trucks, Portland, Ore. $2,711 $1,223 $1,488 714 Dana, Maumee, Ohio $2,301 $1,550 $751 Other 7.2% 7.3%

648 Barclays Bank, New York $2,705 $785 $1,920 715 Brunswick, Lake Forest, Ill. $2,300 $725 $1,575 Public plans 2018 2017 649 Freeport-McMoRan, Phoenix $2,701 $787 $1,914 716 Operating Eng. Local 12, Pasadena, Calif. $2,300 $2,300 Domestic stock 42.7% 40.9% 650 Memphis City, Memphis, Tenn. $2,683 $2,372 $311 717 Fort Worth Employees, Fort Worth, Texas $2,298 $2,298 International stock 6.4% 7.5% 651 US Foods, Rosemont, Ill. $2,680 $944 $1,736 718 McClatchy, Sacramento, Calif. $2,290 $1,515 $775 Fixed income 5.5% 5.9% 652 Austin Employees, Austin, Texas $2,676 $2,676 719 Teamsters, Central Pa., Reading $2,290 $1,078 $1,212 Stable value 15.0% 18.0% 653 T-Mobile, Bellevue, Wash. $2,676 $2,676 720 Anne Arundel County, Annapolis, Md. $2,283 $2,015 $268 Cash 2.3% 1.9%

654 Thrivent Fin’l for Lutherans, Minneapolis $2,675 $1,080 $1,595 721 Freddie Mac, McLean, Va. $2,278 $53 $2,225 Target date 22.1% 18.9%

655 Waste Management, Houston $2,672 $116 $2,556 722 New Jersey Transit, Maplewood $2,264 $2,264 Inflation protection 0.3% 0.3%

656 RBC Wealth Mgmt., Minneapolis $2,660 $2,660 723 USG, Chicago $2,261 $1,394 $867 Annuities 0.1% 0.7% 5.6% 5.9% 657 Land O’Lakes, St. Paul, Minn. $2,654 $1,055 $1,599 724 L’Oreal USA, Clark, N.J. $2,254 $978 $1,276 Other

658 Aerospace, El Segundo, Calif. $2,653 $2,301 $352 725 Bimbo Bakeries USA, Horsham, Pa. $2,250 $1,144 $1,106 Union plans 2018 2017 659 Amica Mutual Insurance, Providence, R.I. $2,644 $2,010 $634 726 Sonoco Products, Hartsville, S.C. $2,249 $1,165 $1,084 Domestic stock 10.5% 16.7%

660 Jacobs Engineering, Pasadena, Calif. $2,632 $152 $2,480 727 Rolls-Royce (NA), Reston, Va. $2,245 $788 $1,457 International stock 4.2% 4.0%

661 Georgetown University, Washington $2,627 $199 $2,428 728 United Steelworkers Int’l, Nashville, Tenn. $2,245 $1,890 $355 Fixed income 2.5% 4.3%

662 Blue Cross/Shield of Mich., Detroit $2,614 $1,402 $1,212 729 CITGO Petroleum, Tulsa, Okla. $2,242 $1,115 $1,127 Stable value 6.6% 8.2%

663 T. Rowe Price, Baltimore $2,614 $2,614 730 Jones Day, Cleveland $2,235 $718 $1,517 Cash 0.3% 0.1% Target date 73.2% 64.3% 664 Iowa Fire & Police, West Des Moines $2,608 $2,608 731 Lubrizol, Wickliffe, Ohio $2,233 $798 $1,435 Inflation protection 0.0% 0.2% 665 Teamsters Trucking, N.E., Burlington, Mass. $2,606 $2,606 732 Christiana Care Health, Wilmington, Del. $2,194 $996 $1,198 Annuities 0.0% 0.0% 666 Oklahoma Police, Oklahoma City $2,603 $2,603 733 Energy Transfer, Dallas $2,194 $716 $1,478 Other 2.7% 2.2% 667 Pennsylvania Municipal, Harrisburg $2,596 $2,596 734 Syngenta, Wilmington, Del. $2,191 $751 $1,440 Pensions & Investments February 4, 2019 | 23 THE LARGEST RETIREMENT FUNDS

Rank Sponsor Assets Total DB Total DC Rank Sponsor Assets Total DB Total DC Aggregate DB plan 735 Arkansas Local Police & Fire, Little Rock $2,190 $2,190 802 Best Buy, Richf eld, Minn. $1,927 $1,927

736 Lehigh Hanson, Las Colinas, Texas $2,190 $1,320 $870 803 Lifetouch, Eden Prairie, Minn. $1,922 $1,922 asset mixes

737 Hawaiian Electric Industries, Honolulu $2,189 $1,610 $579 804 FMC Technologies, Houston $1,913 $589 $1,324 As of Sept. 30.

738 Louisiana Municipal Police, Baton Rouge $2,182 $2,182 805 Huntington Bancshares, Columbus, Ohio $1,912 $925 $987

739 Clorox, Oakland, Calif. $2,181 $460 $1,721 806 University of Oregon, Eugene $1,909 $1,909 Top 200 plans

740 Stanislaus County, Modesto, Calif. $2,179 $2,179 807 Sappi Fine Paper, Boston $1,907 $1,038 $869 Domestic stock 24.9% 741 Dallas Police & Fire $2,175 $2,175 808 Masco, Taylor, Mich. $1,902 $469 $1,433 24.8% 742 Laborers, Southern California, El Monte $2,173 $2,173 809 CBRE, Los Angeles $1,901 $1,901

743 Micron Technology, Boise, Idaho $2,172 $2,172 810 Aerojet Rocketdyne, Rancho Cordova, Calif. $1,900 $983 $917 International stock 16.4% 744 Hilton Hotels, Beverly Hills, Calif. $2,171 $355 $1,816 811 Ametek, Paoli, Pa. $1,896 $632 $1,264 18.1% 745 Tampa Fire & Police, Tampa, Fla. $2,159 $2,159 812 Vulcan Materials, Birmingham, Ala. $1,894 $861 $1,033

746 Depository Trust & Clearing, New York $2,155 $975 $1,180 813 S.C. Johnson & Son, Racine, Wis. $1,887 $590 $1,297 Global equity 6.2% 747 Ameriprise Financial, Minneapolis $2,151 $2,151 814 CA Inc., Islandia, N.Y. $1,885 $1,885 6.2% 748 Louisiana Deferred Comp., Baton Rouge $2,147 $2,147 815 Rio Tinto America, South Jordan, Utah $1,884 $1,223 $661

749 Carpenters, Illinois, Geneva $2,136 $2,057 $79 816 Sodexo, Gaithersburg, Md. $1,882 $1,882 Domestic fxed income 23.9% 750 Laborers, Minnesota, Mendota Heights $2,135 $2,135 817 Latham & Watkins, Los Angeles $1,876 $186 $1,690 22.6% 751 Discover, Riverwoods, Ill. $2,134 $521 $1,613 818 First Data, Greenwood Village, Colo. $1,875 $203 $1,672

752 Mutual of Omaha, Omaha, Neb. $2,130 $1,094 $1,036 819 Seafarers, Camp Springs, Md. $1,871 $1,700 $171 Global/int’l fxed income 2.0% 753 Dover, New York $2,124 $633 $1,491 820 Navy Exchange, New York $1,863 $1,863 2.3% 754 Laborers, Ohio, Westerville $2,124 $2,124 821 Memphis Light Gas & Water, Memphis, Tenn. $1,861 $1,861 755 Tesoro, San Antonio $2,121 $596 $1,525 822 Devon Energy, Oklahoma City $1,857 $1,032 $825 Cash 2018 756 Graphic Packaging, Atlanta $2,114 $1,105 $1,009 823 American Fed. of Musicians, New York $1,844 $1,844 1.6% 2017 1.9% 757 IBEW Local 103, Boston $2,106 $1,159 $947 824 Teamsters, Philadelphia, Pennsauken, N.J. $1,840 $1,840 758 Laboratory Corp. of America, Burlington, N.C. $2,106 $297 $1,809 825 Adobe Systems, San Jose, Calif. $1,837 $1,837 Private equity 759 Alaska Electrical, Anchorage $2,104 $1,932 $172 826 Iowa Administrative Svcs., Des Moines $1,836 $1,836 8.7%

760 Owens Corning, Toledo, Ohio $2,101 $883 $1,218 827 University of Maine, Bangor $1,832 $34 $1,798 8.0% 761 Hy-Vee, West Des Moines, Iowa $2,098 $2,098 828 CB&I, Baton Rouge, La. $1,831 $1,831 Real estate equity 762 General Reinsurance, Stamford, Conn. $2,091 $489 $1,602 829 Chicago Transit Authority $1,823 $1,823 7.6%

763 Visa, Foster City, Calif. $2,090 $2,090 830 Avery Dennison, Pasadena, Calif. $1,822 $750 $1,072 7.5% 764 Carpenters, West. Washington, Seattle $2,083 $1,581 $502 831 Baltimore City $1,819 $1,819 Alternative investments 765 Black & Veatch, Kansas City, Mo. $2,079 $2,079 832 Snap-on, Kenosha, Wis. $1,816 $1,203 $613 7.0%

766 Christian Brothers, Romeoville, Ill. $2,078 $1,544 $534 833 Industrial Workers Timber, Portland, Ore. $1,813 $1,496 $317 6.5%

767 Owens-Illinois, Perrysburg, Ohio $2,062 $1,428 $634 834 Dartmouth College, Hanover, N.H. $1,812 $149 $1,663 Other 768 NewPage, Miamisburg, Ohio $2,059 $1,297 $762 835 Peabody, St. Louis $1,791 $826 $965 1.7%

769 Colorado County, Littleton $2,052 $2,052 836 YRC Worldwide, Overland Park, Kan. $1,785 $1,025 $760 2.1%

770 Windstream, Little Rock, Ark. $2,044 $869 $1,175 837 Allianz of America, Novato, Calif. $1,784 $537 $1,247

771 Detroit General Retirement $2,041 $2,041 838 UFCW International, D.C., Washington $1,782 $1,704 $78 Top 1,000 plans

772 FMC, Philadelphia $2,040 $1,398 $642 839 NV Energy, Reno, Nev. $1,780 $981 $799 Domestic stock 24.8% 773 Puerto Rico Electric Power, San Juan $2,039 $2,039 840 TOTAL, Houston $1,775 $1,103 $672 24.8% 774 UMass Memorial Health Care, Worcester $2,037 $904 $1,133 841 University of Notre Dame, South Bend, Ind. $1,774 $1,774

775 Federal-Mogul, Southf eld, Mich. $2,030 $981 $1,049 842 Jones Lang LaSalle, Chicago $1,773 $1,773 International stock 16.4% 776 MasterCard, Purchase, N.Y. $2,030 $320 $1,710 843 SEPTA, Philadelphia $1,773 $1,773 18.0% 777 AGL Resources, Atlanta $2,017 $1,144 $873 844 Akzo Nobel, Chicago $1,759 $319 $1,440

778 Talen Energy, Allentown, Pa. $2,007 $1,652 $355 845 Swagelok, Solon, Ohio $1,756 $1,756 Global equity 6.1% 779 SCANA, Cayce, S.C. $2,002 $871 $1,131 846 Newmont Mining, Greenwood Village, Colo. $1,755 $1,035 $720 6.1% 780 Syracuse University, Syracuse, N.Y. $2,001 $2,001 847 GROWMARK, Bloomington, Ill. $1,750 $1,316 $434 781 Delphi, Troy, Mich. $1,997 $1,997 848 Tacoma Employees, Tacoma, Wash. $1,748 $1,748 Domestic fxed income 782 McMaster-Carr Supply, Elmhurst, Ill. $1,993 $1,993 849 Carpenters, Twin Cities, Bloomington, Minn. $1,746 $1,746 24.1%

783 Office Depot, Boca Raton, Fla. $1,993 $936 $1,057 850 Old Republican International, Chicago $1,744 $477 $1,267 22.7% 784 Carnegie Mellon University, Pittsburgh $1,990 $1,990 851 Skadden, Arps, Slate, New York $1,737 $61 $1,676 Global/int’l fxed income 785 Transocean, Houston $1,987 $1,339 $648 852 Milwaukee County $1,736 $1,736 2.1%

786 CHS, Inver Grove Heights, Minn. $1,980 $862 $1,118 853 TECO Energy, Tampa, Fla. $1,735 $795 $940 2.4% 787 Laborers Local 731, Astoria, N.Y. $1,979 $1,471 $508 854 Nassau County Def. Comp., Mineola, N.Y. $1,732 $1,732 Cash 2018 788 Operating Eng. Local 825, Newark, N.J. $1,979 $831 $1,148 855 Blue Cross/Shield of Mass., Boston $1,721 $1,003 $718 1.6% 2017

789 MidAmerican Energy, Des Moines, Iowa $1,972 $763 $1,209 856 BancWest, San Francisco $1,718 $254 $1,464 2.0%

790 Louisiana Schools, Baton Rouge $1,970 $1,970 857 Carpenter Technology, Reading, Pa. $1,718 $1,050 $668 Private equity 791 Bemis, Neenah, Wis. $1,969 $755 $1,214 858 National Railroad Passenger, Washington $1,710 $456 $1,254 8.5%

792 Starbucks, Seattle $1,967 $1,967 859 Brown University, Providence, R.I. $1,708 $1,708 7.9%

793 Jacksonville Police & Fire, Jacksonville, Fla. $1,966 $1,959 $7 860 ONE Gas, Tulsa, Okla. $1,708 $903 $805 Real estate equity 794 Armstrong World Indust., Lancaster, Pa. $1,959 $1,568 $391 861 Timken, North Canton, Ohio $1,704 $526 $1,178 7.5%

795 Cultural Institutions, New York $1,954 $1,369 $585 862 East Bay Municipal Utility, Oakland, Calif. $1,703 $1,703 7.3%

796 Nielsen, New York $1,951 $282 $1,669 863 Louisiana Firefighters, Baton Rouge $1,698 $1,698 Alternative investments 797 Seagate Technology, Scotts Valley, Calif. $1,944 $1,944 864 Gap, San Francisco $1,696 $1,696 7.1% 798 Fidelity National, Jacksonville, Fla. $1,939 $1,939 865 UFCW Midwest, Park Ridge, Ill. $1,691 $1,691 6.7%

799 Graybar Electric, St. Louis $1,937 $681 $1,256 866 CPS Energy, San Antonio $1,690 $1,690 Other 800 Viacom, New York $1,936 $544 $1,392 867 Intuit, Mountain View, Calif. $1,685 $1,685 1.8% 801 National Oilwell Varco, Houston $1,930 $331 $1,599 2.1% CONTINUED ON PAGE 26 ACADIA AT CORNERSTAR JOHN WINTHROP PERIMETER GARDENS BOUGHT APARTMENTSFINANCED APARTMENTS ATFINANCED GEORGETOWN Aurora, Colorado Seattle, Washington Dunwood, Georgia 400 Units 79 Units 245 Units

ADDISON PARK KINGSCRESTSOLD SONTERRA AT PARADISE APARTMENTSFINANCED APARTMENTS VAFINANCEDLLEY APARTMENTS Tampa, Florida Frederick, Maryland Pheonix, Arizona 336 Units 404 Units 274 Units

ANSON ON PALMER RANCH LASH 1.0 THE EVERLEE APARTMENTSBOUGHT Fort Mill,BOUGHT South Carolina BOUGHT Sarasota, Florida 247,834 Square Feet APARTMENTS Tomball, Texas 239 Units 332 Units LASH 2.0 Fort Mill, South Carolina AVENEL AT MONTGOMERY BOUGHT 174,029 Square Feet SQUAREFINANCED THEBOUGHT LIBERTY MUTUAL North Wales, Pennsylvania BUILDING Chandler, Arizona 256 Units LENOVO ENTERPRISE 102,121 Square Feet CAMPUSBOUGHT Morrisville, North Carolina BENT TREE APARTMENTS SOLD 485,536 Square Feet Centreville, Virginia THE LINKSSOLD AT PLUM CREEK 2018 748 Units APARTMENTS LUCERNESOLD Castle Rock, Colorado 264 Units CHURCHILL ON THE PARK APARTMENTS Brandon, Florida APARTMENTSSOLD 276 Units Dallas, Texas TUSCANY RIDGE 448 Units SOLD APARTMENTS MACH ONE BOUGHT Peoria, Arizona CITYCENTRE NORTH BUILDING B 336 Units Houston,SOLD Texas Chandler, Arizona 3,403 Acres 102,356 Square Feet VALLEYBROOKSOLD AT CHADDS FORD APARTMENTS HUMANA PHASE II Chadds Ford, Pennsylvania Glendale, Arizona BOUGHT 352 Units 61,000 Square Feet

JACKSON PARK PLACE 50 WOODBERRSOLD Y APARTMENTSSOLD APARTMENTS Fresno, California Asheville, North Carolina INTEGRITAS, PERITIA, IMMUNITAS 376 Units 1969 - 2019 168 Units

19pi0024A.pdf RunDate: 02/04/19 Full Page Spread Color: 4/C 19pi0024B.pdf RunDate: 02/04/19 Full Page Spread Color: 4/C ACADIA AT CORNERSTAR JOHN WINTHROP PERIMETER GARDENS BOUGHT APARTMENTSFINANCED APARTMENTS ATFINANCED GEORGETOWN Aurora, Colorado Seattle, Washington Dunwood, Georgia 400 Units 79 Units 245 Units

ADDISON PARK KINGSCRESTSOLD SONTERRA AT PARADISE APARTMENTSFINANCED APARTMENTS VAFINANCEDLLEY APARTMENTS Tampa, Florida Frederick, Maryland Pheonix, Arizona 336 Units 404 Units 274 Units

ANSON ON PALMER RANCH LASH 1.0 THE EVERLEE APARTMENTSBOUGHT Fort Mill,BOUGHT South Carolina BOUGHT Sarasota, Florida 247,834 Square Feet APARTMENTS Tomball, Texas 239 Units 332 Units LASH 2.0 Fort Mill, South Carolina AVENEL AT MONTGOMERY BOUGHT 174,029 Square Feet SQUAREFINANCED THEBOUGHT LIBERTY MUTUAL North Wales, Pennsylvania BUILDING Chandler, Arizona 256 Units LENOVO ENTERPRISE 102,121 Square Feet CAMPUSBOUGHT Morrisville, North Carolina BENT TREE APARTMENTS SOLD 485,536 Square Feet Centreville, Virginia THE LINKSSOLD AT PLUM CREEK 2018 748 Units APARTMENTS LUCERNESOLD Castle Rock, Colorado 264 Units CHURCHILL ON THE PARK APARTMENTS Brandon, Florida APARTMENTSSOLD 276 Units Dallas, Texas TUSCANY RIDGE 448 Units SOLD APARTMENTS MACH ONE BOUGHT Peoria, Arizona CITYCENTRE NORTH BUILDING B 336 Units Houston,SOLD Texas Chandler, Arizona 3,403 Acres 102,356 Square Feet VALLEYBROOKSOLD AT CHADDS FORD APARTMENTS HUMANA PHASE II Chadds Ford, Pennsylvania Glendale, Arizona BOUGHT 352 Units 61,000 Square Feet

JACKSON PARK PLACE 50 WOODBERRSOLD Y APARTMENTSSOLD APARTMENTS Fresno, California Asheville, North Carolina INTEGRITAS, PERITIA, IMMUNITAS 376 Units 1969 - 2019 168 Units

19pi0024A.pdf RunDate: 02/04/19 Full Page Spread Color: 4/C 19pi0024B.pdf RunDate: 02/04/19 Full Page Spread Color: 4/C 26 | February 4, 2019 Pensions & Investments THETHE LARGESTLARGEST RETIREMENTRETIREMENT FUNDSFUNDS

Rank Sponsor Assets Total DB Total DC Rank Sponsor Assets Total DB Total DC Aggregate DC plan 868 Steelcase, Grand Rapids, Mich. $1,681 $1,681 935 El Paso Fire & Police, El Paso, Texas $1,499 $1,499

869 MBTA Retirement, Boston $1,679 $1,679 936 Franklin Resources, San Mateo, Calif. $1,493 $1,493 asset mixes

870 Keysight Technologies, Santa Rosa, Calif. $1,678 $1,678 937 Hubbell, Orange, Conn. $1,492 $640 $852 As of Sept. 30.

871 Staples, Framingham, Mass. $1,671 $1,671 938 Carpenters, Greater Pennsylvania, Pittsburgh $1,486 $1,073 $413

872 Hanesbrands, Winston-Salem, N.C. $1,669 $877 $792 939 Saint Louis University, St. Louis $1,486 $1,486 Top 200 plans Domestic stock 873 Tulare County, Visalia, Calif. $1,668 $1,668 940 SS&C Technologies, Windsor, Conn. $1,480 $1,480 43.0% 874 Lexmark International, Lexington, Ky. $1,658 $537 $1,121 941 Spectra Energy, Houston $1,475 $655 $820 41.6% 875 St. Jude Medical, St. Paul, Minn. $1,654 $1,654 942 Arkansas State Highway, Little Rock $1,472 $1,472 876 Puget Sound Energy, Bellevue, Wash. $1,651 $729 $922 943 Twin City Hospital, Nurses, Bloomington, Minn. $1,471 $1,471 International stock 877 National Football League, New York $1,650 $1,650 944 BorgWarner, Auburn Hills, Mich. $1,469 $250 $1,219 6.1%

878 Woodward, Rockford, Ill. $1,650 $170 $1,480 945 Bertelsmann, New York $1,464 $177 $1,287 6.5% 2018 946 DeKalb County Employees, Decatur, Ga. $1,463 $1,463 879 First American, Santa Ana, Calif. $1,647 $1,647 2017 Fixed income 880 Cook County Deferred Comp., Chicago $1,645 $1,645 947 California State Auto Assoc., Walnut Creek $1,461 $937 $524 4.7% 881 Deluxe, Shoreview, Minn. $1,639 $1,639 948 Mattel, El Segundo, Calif. $1,458 $366 $1,092 5.5% 882 Osram Sylvania, Danvers, Mass. $1,637 $1,158 $479 949 National Fuel Gas, Williamsville, N.Y. $1,456 $993 $463 950 883 Bricklayers International, Washington $1,636 $1,469 $167 Brown-Forman, Louisville, Ky. $1,454 $830 $624 Stable value 951 Carpenters, N. Central States, Altoona, Wis. $1,452 $1,408 $44 884 Yum! Brands, Louisville, Ky. $1,634 $886 $748 6.4% 952 Wayne County, Detroit $1,451 $994 $457 885 Northeastern University, Boston $1,632 $1,632 6.8% 953 Analog Devices, Norwood, Mass. $1,447 $1,447 886 Pentair, Golden Valley, Minn. $1,628 $349 $1,279 Cash 954 Huntsman, The Woodlands, Texas $1,445 $623 $822 887 Evonik Degussa, Parsippany, N.J. $1,627 $571 $1,056 14.0% 955 Hanover Insurance, Worcester, Mass. $1,441 $512 $929 888 Sealed Air, Elmwood Park, N.J. $1,623 $153 $1,470 14.7% 956 CFI, Owings Mills, Md. $1,437 $797 $640 889 Food & Comm. Local 27, Baltimore $1,622 $1,614 $8 957 Chicago Metro. Water Reclamation $1,437 $1,437 Target date 890 Shelby County, Memphis, Tenn. $1,622 $1,622 958 Equifax, Atlanta $1,435 $572 $863 21.3% 891 Crown Cork & Seal, Philadelphia $1,617 $1,252 $365 959 Mosaic, Plymouth, Minn. $1,434 $399 $1,035 20.0% 892 Penske Truck Leasing, Reading, Pa. $1,616 $461 $1,155 960 ArvinMeritor, Troy, Mich. $1,432 $868 $564 893 Cooper Tire & Rubber, Findlay, Ohio $1,613 $1,025 $588 Infation protection 961 Dean Foods, Dallas $1,429 $353 $1,076 894 TimkenSteel, Canton, Ohio $1,600 $1,123 $477 0.3% 962 Electrolux, Cleveland $1,428 $981 $447 895 IBEW Local 68, District 8, Denver $1,595 $1,077 $518 0.2% 963 SRI International, Menlo Park, Calif. $1,423 $1,423 896 Caesars Entertainment, Las Vegas $1,592 $1,592 964 Middlesex County, Billerica, Mass. $1,415 $1,415 Annuities 897 AFSCME, Washington $1,588 $1,409 $179 0.1% 965 Telephone & Data Systems, Chicago $1,414 $1,414 898 Teamsters, N.Y. State Conf., Syracuse $1,588 $1,588 966 Westar Energy, Topeka, Kan. $1,413 $757 $656 0.2% 899 San Luis Obispo County, San Luis Obispo, Calif. $1,584 $1,402 $182 967 Smiths Group, Malvern, Pa. $1,407 $348 $1,059 900 Limited Brands, Columbus, Ohio $1,583 $1,583 Other 968 OGE Energy, Oklahoma City $1,404 $668 $736 4.1% 901 Boy Scouts of America, Irving, Texas $1,582 $1,473 $109 969 Michigan Catholic Conference, Lansing $1,400 $1,340 $60 902 Fujitsu America, Sunnyvale, Calif. $1,582 $1,582 4.5% 970 Agilent Technologies, Santa Clara, Calif. $1,399 $1,399 903 Levi Strauss, San Francisco $1,579 $853 $726 971 Birmingham City, Birmingham, Ala. $1,395 $1,395 904 First Horizon National, Memphis, Tenn. $1,563 $876 $687 Top 1,000 plans 972 ThyssenKrupp, Troy, Mich. $1,394 $380 $1,014 905 Wolters Kluwer, Riverwoods, Ill. $1,562 $155 $1,407 Domestic stock 973 Briggs & Stratton, Milwaukee $1,390 $923 $467 906 Miami Fire & Police $1,557 $1,557 43.1% 974 IBEW Local 26, Lanham, Md. $1,389 $653 $736 907 Panasonic USA, Secaucus, N.J. $1,555 $411 $1,144 41.8% 975 Kennametal, Latrobe, Pa. $1,387 $718 $669 908 BHP-Billiton, Houston $1,552 $475 $1,077 976 Cincinnati Children’s $1,385 $1,385 International stock 909 CONSOL Energy, Pittsburgh $1,546 $691 $855 977 IBEW Local 58, Madison Heights, Mich. $1,384 $788 $596 6.4% 910 MGM Resorts International, Las Vegas $1,546 $1,546 978 Wichita Retirement, Wichita, Kan. $1,383 $1,383 6.7% 911 Kohl’s, Menomonee Falls, Wis. $1,541 $1,541 2018 979 San Francisco Hospital Employees $1,380 $1,380 Fixed income 912 Hartford Municipal, Hartford, Conn. $1,537 $1,537 2017 980 Howard Hughes Medical, Chevy Chase, Md. $1,378 $1,378 4.9% 913 Laborers National, Dallas $1,535 $1,535 981 TRW Automotive Holdings, Livonia, Mich. $1,373 $321 $1,052 5.7% 914 Portland General Electric, Portland, Ore. $1,534 $654 $880 982 Southern Electrical Ret., Chattanooga, Tenn. $1,368 $1,368 915 W.R. Grace, Columbia, Md. $1,534 $945 $589 983 DLA Piper, Chicago $1,364 $194 $1,170 Stable value 916 $1,531 $1,073 $458 6.7% Marine Engineers, Baltimore 984 Duquesne Light, Pittsburgh $1,361 $1,126 $235 917 Milliken, Spartanburg, S.C. $1,530 $313 $1,217 985 Pension Plan for Insurance, New York $1,356 $1,356 7.1% 918 NVR, Reston, Va. $1,528 $1,528 986 Norfolk City Employees, Norfolk, Va. $1,350 $1,350 Cash 919 Lafarge, Herndon, Va. $1,526 $590 $936 987 Marathon Oil, Houston $1,347 $253 $1,094 12.8% 920 Fortune Brands Home & Sec., Deerf eld, Ill. $1,525 $645 $880 988 Alticor, Ada, Mich. $1,345 $1,345 13.3% 921 Albemarle, Baton Rouge, La. $1,522 $595 $927 989 Lear, Southf eld, Mich. $1,344 $451 $893 Target date 922 Flowserve, Irving, Texas $1,520 $497 $1,023 990 Underwriters Laboratories, Northbrook, Ill. $1,342 $302 $1,040 21.6% 923 Iron Workers 40, 361, 417, New York $1,519 $536 $983 991 Automotive Industries, Alameda, Calif. $1,339 $1,294 $45 20.4% 924 Reform Pension, New York $1,519 $1,519 992 Western & Southern Life, Cincinnati $1,339 $1,018 $321 925 Republic Services, Scottsdale, Ariz. $1,519 $1,519 993 Crane, Stamford, Conn. $1,334 $461 $873 Infation protection 926 Operating Engineers Local 324, Troy, Mich. $1,517 $1,364 $153 994 IBEW Local 1, St. Louis $1,328 $1,328 0.3%

927 Alliant Energy, Madison, Wis. $1,516 $333 $1,183 995 Iron Workers, Southern Ohio, Vandalia $1,321 $918 $403 0.2% 928 Essentia Health, Duluth, Minn. $1,514 $1,514 996 Laborers Central, Jacksonville, Ill. $1,320 $1,134 $186 Annuities 929 Operating Engineers Local 15, New York $1,509 $1,509 997 Teamsters Local 639, Washington $1,318 $1,318 0.1% 930 Stationary Engineers 39, San Francisco $1,505 $1,300 $205 998 Engility, Chantilly, Va. $1,313 $1,313 0.3% 931 Broadcom, San Jose, Calif. $1,504 $1,504 999 MARTA, Atlanta $1,313 $1,313 932 Sabre Holdings, Southlake, Texas $1,504 $370 $1,134 1,000 Cambridge Retirement, Cambridge, Mass. $1,310 $1,310 Other 933 SKF USA, Norristown, Pa. $1,503 $792 $711 201-1,000 total $3,081,016 4.1%

934 Independence Blue Cross, Philadelphia $1,502 $836 $666 Top 1,000 total $11,004,613 4.5% Pensions & Investments February 4, 2019 | 27 THE LARGEST RETIREMENT FUNDS

Number of funds THE P&I 1000 THRIFT SAVINGS PLAN among the top 200 using cited strategy/vehicle For largest U.S. fund, the sky’s the limit As of Sept. 30. ticipants, but those aren’t the only the TSP went into effect on Jan. 1, Recent laws mean plan, Growth of Thrift up 89% for the year, will changes coming to the TSP. 2018. Defined benefit Number By the end of 2019, the board will Savings Plan assets With the creation of the Blended Domestic active equity 74 continue to add assets issue a request for proposal seeking Assets are in billions as of Retirement System, new service two investment managers to man- members are automatically en- Domestic passive equity 75 Sept. 30. By BRIAN CROCE age a portion of each of the index rolled in the plan, while those with Domestic enhanced indexed 23 equity funds, according to Ms. Weaver. $700 less than 12 years of service as of The nation’s largest retirement “We’re doing that, not because Jan. 1, 2018, were eligible to join the International active equity 75 plan is only getting larger. we have any concerns whatsoever BRS. Previously, members of the $600 International passive equity 70 The Thrift Savings Plan, Wash- with BlackRock, but it is more of a uniformed services had access to a ington, the retirement system for risk mitigation strategy,” Ms. Weaver def ned benef t plan but had to International enhanced 7 indexed equity 5.4 million federal employees and said. BlackRock is eligible to submit $500 serve at least 20 years to receive Global active equity 40 members of the uniformed services, a bid once the RFP goes out and a the annuity. saw its assets climb 8.9% year-over- decision will be reached sometime $400 The payment amount was deter- 15 Global passive equity year to $578.8 billion as of Sept. 30. in 2020, she added. mined by their years of service and Developed markets equity, 72 That’s up from $375.1 billion in Once the managers are selected, $300 the average of their highest 36 active 2013 and $210.6 billion a change will be made months of basic pay. Developed markets equity, 66 in 2008. to the TSP’s I Fund — Only a small portion of service passive Two recent pieces of one of the index funds $200 members reached the 20-year pla- Emerging markets equity, 65 legislation likely will that invests in interna- teau and the Department of De- active ensure that growth tional equities — to in- $100 fense was concerned its employees Emerging markets equity, 32 continues. corporate emerging weren’t properly saving for retire- passive The National De- markets, Ms. Weaver $0 ment, Ms. Weaver said. The BRS of- REITs 40 fense Authorization Act said. After looking at 201520142013 2016 2017 2018 fers service members a def ned Domestic active bonds 82 for Fiscal Year 2016, making the change to contribution option as part of the which was passed in its investment lineup TSP as well as a reduced pension Domestic passive bonds 46 2015, created a Blended f ve years ago, the season between Oct. 1 and Dec. 15. should they hit the 20-year mark. Domestic enhanced indexed 5 Retirement System FOCUSED: Ravindra Deo board now feels there’s The new policy will allow partici- And the number of separated bonds within the TSP for all pays special attention to suff cient liquidity in pants to change the amount and participants — those who no lon- Global/international active 47 uniformed services the BRS and expanded emerging markets to frequency (monthly, quarterly, an- ger work for the federal govern- bonds members who enter withdrawal options. move forward, Ms. nually) of their installment pay- ment but have elected to keep their Global/international passive 8 service on Jan. 1, 2018, Weaver added. ments at any time throughout the money in the TSP — has also bonds or later. As of Jan. 23, the BRS has Additionally, the new withdraw- year. Also, participants will soon be climbed in recent years to 1.46 mil- Developed markets bonds, 17 more than 408,000 participants, ac- al policies that go into effect in able to take partial withdrawals lion as of Sept. 30 from 1.11 million active cording to Kim Weaver, director of September will give participants while receiving post-separation in- f ve years prior. Developed markets bonds, 3 external affairs. more options for how and when stallment payments. “We’re low-cost, we’re eff cient, I passive Moreover, following the passage they can access money from their “It’s been an enormous lift for think they’re comfortable with us Emerging markets debt, 27 of the TSP Modernization Act in TSP accounts. us,” Ms. Weaver said of implement- because they deal with us through- active 2017, the Federal Retirement Thrift For example, currently, partici- ing the withdrawal policy. out their entire careers and we care Emerging markets debt, 4 Investment Board, which adminis- pants receiving monthly payments about them and we try and show passive ters the TSP, will implement what can only change the amount of Blended offer that,” Ms. Weaver said of the TSP’s Cash 90 Ms. Weaver called its “additional those payments during an open One of the biggest changes to hit 5.4 million participants. Inflation-protected securities 36 withdrawals project” in September. High-yield 59 The new withdrawal policies will give participants more options for U.S. real estate equity 58 how and when they can access Robert Sankey, CEO, and the Board of Directors of International real estate 30 money from their TSP accounts. equity While the bill was being dis- Timber 28 cussed, it was estimated that $9 bil- BURGUNDY ASSET MANAGEMENT LTD., Infrastructure 42 lion is transferred out of the TSP every year into higher-fee accounts announce the following appointment: Hedge funds (direct 53 investments) when employees leave the federal Hedge fund of funds 26 government. This legislation aims to stem that. Energy 30 Commodities 19 Established in 1986 Kyle Coatsworth, CFA Private equity 89 Established by Congress in 1986, to Head of Institutional the TSP, a def ned contribution 60 Buyouts plan, offers participants f ve invest- Kyle was appointed Kyle joined Burgundy in 2013 as an Venture capital 55 ment funds: four index funds man- a Vice President in Investment Counsellor, building Mezzanine 35 aged by BlackRock Inc. and one fund made up of specially issued 2016 and has led relationships with Canadian individuals Distressed debt 42 Treasury securities that is managed the firm’s U.S. and families. Prior to Burgundy, ETFs 8 internally by the board. institutional business Kyle worked with Manulife Asset Mutual funds 10 Ravindra Deo took over as the over the past two Management and Fidelity Investments Commingled vehicles 38 board’s executive director in 2017 after initially serving as its chief in- years. His contributions have been Canada. Kyle earned his BA from Separate accounts 43 vestment off cer. integral to the firm, and he now Western University. He was awarded In a statement, Mr. Deo said that broadens his focus to oversee the Chartered Financial Analyst Defined contribution Number since starting his new role, he has Burgundy’s institutional business designation in 2012. Passive indexed equity 62 focused on the BRS and expanding withdrawal options for all TSP par- across Canada, the U.S. and the U.K. REITs 27 Passive indexed bonds 51 Inflation-protected securities 39 Commodities 13 Target-date strategies 60 Read this Custom 23 issue online. burgundyasset.com Off-the-shelf 26 CITs 40 Register Now. Burgundy is an independent discretionary global investment manager for institutions and ETFs 1 private clients. The firm’s focus is high-quality companies that are undervalued and meet strict Managed accounts 11 criteria using its fundamental research process. 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72.9% 72.8% DB assets by investment Funds with the most DB assets managed internally vehicle Assets are in millions as of Sept. 30.

Among the top 200 funds as of Sept. 30. Domestic Global/int'l Domestic Int’l Global fixed fixed Alternative Fund Total equity equity equity income income 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 2018 2017 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 26.4% 26.4% 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 0.4% 0.5% 0.3% 0.3% Tennessee Consolidated $34,351 $16,643 $3,065 Separate Commingled Mutual funds ETFs Colorado Employees $30,910 $12,355 $5,316 $3,507 $9,656 $76 accounts vehicles

Funds with the most DB assets in equity Among the top 200 funds; assets are in millions as of Sept. 30.

Domestic equity Assets International equity Assets Developed mkt. equity Assets Emerging mkt. equity Assets Global equity Assets California Public Employees $115,721 California Public Employees $70,953 California Public Employees $55,897 New York City Retirement $16,058 Wisconsin Inv. Board $58,143 New York State Common $82,453 California State Teachers $55,324 Wisconsin Inv. Board $52,760 California Public Employees $15,056 California University $29,358 California State Teachers $67,125 New York City Retirement $38,354 California State Teachers $42,590 Texas Teachers $13,711 General Electric $25,353 New York City Retirement $60,012 Florida State Board $37,231 Florida State Board $38,183 California State Teachers $12,734 S. Carolina Public Employees $15,093 New York State Teachers $47,382 Texas Teachers $34,185 New York State Common $35,443 Florida State Board $9,281 New York State Common $11,386 Florida State Board $44,224 New York State Common $27,777 New York City Retirement $23,109 New York State Teachers $5,508 Operating Engineers Int’l $10,606 Georgia Teachers $40,071 New York State Teachers $22,171 Texas Teachers $20,474 Wisconsin Inv. Board $5,383 Florida State Board $10,234 Minnesota State Board $28,326 Ohio State Teachers $18,308 New York State Teachers $18,561 Maryland St. Retirement $5,287 San Francisco City & County $9,942 Texas Teachers $25,663 North Carolina $18,107 Ohio State Teachers $14,960 New Jersey $4,982 Arkansas Teachers $9,499 New Jersey $24,064 Ohio Public Employees $17,857 Virginia Retirement $14,532 Massachusetts PRIM $4,493 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 Global/int’l bonds Assets Developed mkt. bonds Assets Emerging mkt. bonds Assets High-yield securities Assets California Public Employees $93,686 California Public Employees $12,673 California Public Employees $10,553 Ohio Public Employees $5,603 New York City Retirement $8,993 New York City Retirement $67,655 Texas Employees $7,250 Texas Municipal $4,784 Virginia Retirement $2,422 California Public Employees $7,779 New York State Common $48,174 Ohio Public Employees $5,604 Pennsylvania School Empl. $4,768 California Public Employees $2,120 New Jersey $5,393 IBM $39,337 Pennsylvania School Empl. $5,120 Indiana Public Retirement $2,870 Connecticut Retirement $1,917 Pennsylvania School Empl. $4,958 California State Teachers $37,095 Texas Municipal Retire. $4,784 New York State Teachers $2,639 California University $1,569 General Electric $3,988 Florida State Board $30,122 Wisconsin Inv. Board $4,395 Los Angeles Water & Power $1,968 Massachusetts PRIM $1,464 Teamsters, Western Conf. $3,550 New York State Teachers $25,198 San Francisco City & County $4,028 Ohio School Employees $1,887 S. Carolina Public Employees $1,241 Texas Employees $2,506 North Carolina $24,572 Indiana Public Retirement $3,497 Massachusetts PRIM $1,499 Ohio State Teachers $812 New Mexico Educational $2,337 Georgia Teachers $23,382 Illinois Teachers $3,081 Mississippi Employees $1,409 Maryland St. Retirement $783 Connecticut Retirement $2,179 Virginia Retirement $21,012 Massachusetts PRIM $2,963 New York City Retirement $639 Indiana Public Retirement $627 California University $2,064

Funds with DB Funds with DB Funds with DB plans DB managers DB consultants assets in hybrid plans using using hiring policy for most used by most used by plans ESG factors women/minority the top 200 the top 200 Among the top 200; assets are Among the top 200 plans managers funds funds in millions as of Sept. 30. as of Sept. 30. Among the top 200 plans as of Sept. 30. As of Sept. 30. As of Sept. 30.

Fund Assets Alabama Retirement California State Missouri Schools & Times Times Texas County & District $31,013 California State Teachers Teachers Education Manager mentioned Consultant mentioned California University Texas Municipal Retire. $28,619 Connecticut Retirement New York City Retire. BlackRock 125 Aon 27 Colorado Employees Exelon New York State Northrop Grumman $27,612 J.P. Morgan 69 Callan 19 Connecticut Retirement Federal Reserve Common J.P. Morgan Chase $15,543 Deloitte Employees New York State Blackstone 59 Townsend 18 Teachers California State Teachers $13,665 Florida State Board Illinois Municipal Prudential 52 Hamilton Lane 17 Idaho Public Employees Illinois State Board Northrop Grumman Citigroup $12,300 State Street Global 51 StepStone 17 Illinois State Universities Illinois Teachers Ohio Public Employees Merck $10,812 J.P. Morgan Chase Illinois State Ohio State Teachers Oaktree 50 Albourne 16 Wells Fargo $10,001 Los Angeles Fire & Police Universities PG&E PIMCO 47 Aksia 10 Ernst & Young $7,449 Maryland State Retirement Indiana Public Texas Employees Retirement Wellington 41 Cliffwater 10 Prudential Financial $5,688 Minnesota State Board Texas Teachers Eli Lilly United Continental AQR 37 Meketa 9 PNC $5,347 New Jersey Los Angeles Fire & Holdings New York City Retirement Carlyle 32 TorreyCove 9 Deloitte $5,313 Police Virginia Retirement New York State Common Nebraska Invest. Council $2,198 Maryland State Wespath (UMC) Washington State Board Retirement Wisconsin Inv. Board Exelon $2,139 Wisconsin Investment Board Massachusetts PRIM Pensions & Investments February 4, 2019 | 29 THE LARGEST RETIREMENT FUNDS

are managed internally at Texas Teachers, was used to fund “lower-risk investments Making an equity bet Investing during this (late) stage of the market cycle, CONTINUED FROM PAGE 3 including opportunistic credit,” said Dale U.S. def ned benef t funds among the top 200 with the largest year-to-year growth West, senior managing director of the fund’s in active and passive equity allocations. Dollars are in millions as of Sept. 30. active vs. 59.6% passive in the year ended external public markets group, in an email. Sept. 30, and 36.4% active and 63.6% passive The fund also signif cantly increased the Betting on active for the 12 months ended Sept. 30, 2017. allocation to actively managed, quantitative, Total Actively Year- Passively Year- U.S. managed to-year managed to-year Industry observers said it’s diff cult to in- factor-based equity portfolios: TRS invest- Rank Fund equity U.S. equity change U.S. equity change terpret the increase in actively managed U.S. ment staff managed a total of $15.5 billion 1 California Public Employees* $115,721 $70,573 215.5% $45,148 -27.1% equities in P&I’s data, given the reasons for internally in U.S. and international equity changes among plans surveyed vary widely. factor-based portfolios as of Sept. 30, up from 2 Deloitte $437 $390 56.0% $47 -69.1% For example, there isn’t a clear trend $7.4 billion a year earlier. 3 New York State Common $82,453 $12,877 50.1% $69,576 6.3% among the 79 plans, with 42 increasing their P&I’s data likely ref ect a move by many investment in actively managed U.S. equity U.S. plan sponsors into quantitatively man- 4 Texas Teachers $25,663 $22,172 46.3% $3,491 -70.1% and 30 reducing their allocation. aged factor-based portfolios, said Steven J. 5 Exelon $2,488 $2,433 34.1% $55 -90.8% The changes in active U.S. equity invest- Foresti, chief investment off cer, Wilshire 6 $4,264 $2,512 32.1% $1,459 19.5% ment within this group ranged from a 200% Consulting, Santa Monica, Calif. Southern Co. plus increase to dropping active equity strat- “Over the past f ve years, there’s been a lot 7 Montana Board of Investments $4,093 $2,096 23.8% $1,997 -8.7% egies entirely. of money going into quasi-active and quasi- 8 Los Angeles County Employees $14,030 $1,955 21.7% $10,561 2.2% The $376.9 billion California Public Em- passive factor-based strategies,” Mr. Foresti ployees’ Retirement System, Sacramento, for said, noting Wilshire’s consulting practice 9 Orange County $3,363 $353 20.5% $3,010 6.4% example, made the most dramatic change created a bucket for factor-based approaches 10 Los Angeles Water & Power $5,442 $3,708 20.4% $1,734 4.3% with a 215.5% increase in active- that rests between active and pas- ly managed U.S. equities to $70.6 sive equity. Betting on passive billion. That increase includes “I think what you are probably Total Passively Year- Actively Year- $13.2 billion of actively managed seeing in the P&I data is plan U.S. managed to-year managed to-year global equity assets that were sponsors trying to f t factor-based Rank Fund equity U.S. equity change U.S. equity change reclassif ed as active U.S. equity, strategies into the binary catego- 1 University of California $4,638 $783 318.7% $3,855 -33.6% according to a note on the survey ries of active and passive equity 2 Illinois Teachers $8,759 $4,189 53.9% $4,570 -13.1% the fund submitted. but not uniformly.” CalPERS reduced its alloca- P&I’s survey asks pension 3 Citigroup $1,007 $256 48.0% $751 -24.7% tion to passive U.S. equities by funds to list assets invested in fac- 4 Alaska Retirement $8,151 $3,713 47.4% $4,438 -3.8% 27.1% to $45.1 billion. tor-based strategies, but only 10 John “Mike” Osborn, a Cal- A CLUE: John J. Delaney plans listed assets totaling $38.4 5 Oklahoma Teachers $6,792 $1,674 46.8% $5,118 1.5% PERS’ spokesman, declined to believes more volatility billion in the most recent survey. 6 San Diego County $2,817 $1,185 34.5% $102 ∞ comment after a request for is one reason for the rise Texas Teachers, for example, 7 Ohio School Employees $3,658 $1,856 34.2% $1,802 2.4% more information. in active management. accounts for its substantial factor- Similarly, 46 plan sponsors in based equity portfolio in its active 8 Oregon Public Employees $14,314 $4,444 30.2% $9,870 -9.9% the survey increased their weighting to in- equity category and did not respond to the 9 New Mexico Educational $2,634 $2,634 25.4% $0 -100.0% dexed U.S. equity while 27 decreased invest- factor-based question on P&I’s survey. ment in these strategies. The percentage 10 Pentegra $1,420 $942 22.8% $478 17.4% change for this group was between 318.7% to Unexplained *Included in California Public Employees' Retirement System's increase in active U.S. equity is $13.2 billion of a complete withdrawal. The motivations behind big U.S. equity assets reclassif ed from the fund's global equity portfolio. But sources agreed one of the likely driv- portfolio changes remain a mystery for some. Source: Pensions & Investments survey ers behind the move to active management is Other large increases to active U.S. equity the condition of global markets. by U.S. def ned benef t plans were made by “If you look back over the last f ve years, Deloitte, New York, which upped the alloca- cer and vice president, investments, off ce of managed U.S. equity was based on portfolio there were big swings to passive manage- tion from its $5.3 billion plan to U.S. active the president, was not available to comment tenets, said David Urbanek, spokesman for ment as investors tired of their active manag- equity by 56% to $390 million and reduced its about the changes But he and other UC in- the Springf eld-based fund, in an email. ers not producing alpha in the long-running passive U.S. equity 69.1% to $47 million, and vestment off cials have outlined plans to in- “In general, our investment strategy is bull market,” said John J. Delaney, portfolio the $213.2 billion New York State Common crease investment in passive U.S. equity built on diversif cation and balance, and we manager, who is based in the Philadelphia of- Retirement Fund, Albany, which raised its in- strategies to reduce the number of managers don’t deviate from that when we consider ac- f ce of Willis Towers Watson PLC. vestment in active U.S. stocks by 50.1% to and cut fees for the university’s pension fund, tive vs. passive strategies in U.S. equity assets. Mr. Delaney said the ending of quantitative $12.9 billion and pumped up its passive U.S. endowment and other investment pools. ‘‘We’re looking for an appropriate balance easing and the specter of rising volatility is equity 6.3% to $69.6 billion. between the two that keeps us within our risk pushing investors to reconsider active equity The $68.3 billion University of California Rebalancing parameters yet maximizes our opportunities. on the premise that managers will f nd more Retirement System, Oakland, led the pack of For some U.S. def ned benef t plans, mov- We’re not favoring one over the other,” Mr. opportunities to generate alpha. large U.S. def ned benef t plans that signif - ing assets between active and indexed U.S. Urbanek said. The increase during the most The $153.1 billion Teacher Retirement Sys- cantly increased passively managed U.S. eq- equity strategies is part of rebalancing. recent survey period was “the result of our ef- tem of Texas, Austin, for example, increased uities. The university’s off ce of the chief in- The $51.8 billion Teachers’ Retirement fort to maintain a proper long-term strategic its allocation to actively managed U.S. equities vestment off cer raised the fund’s allocation System of the State of Illinois, for example, balance in U.S. equities,” he added. by 46.3% to $22.2 billion and reduced the al- to passively managed U.S. equity by 318.7% to increased passive U.S. equity assets by a sig- In fact, Illinois Teachers’ $8.8 billion U.S. location to indexed U.S. equities by 70.1% to $783 million and cut actively managed U.S. nif cant 53.9% to $4.2 billion and trimmed ac- equity portfolio was split almost evenly with $3.5 billion in the year ended Sept. 30. equity assets by 33.6% to $3.9 billion. tive U.S. equities by 13.1% to $4.6 billion. 52% in actively managed strategies and 48% The reduction in passive equities, which Jagdeep S. Bachher, chief investment off - The changes in actively and passively in indexed portfolios.

Funds with the Funds with the Funds with DB most DB assets most DB assets assets in How the data were compiled in inflation- in bank loans factor-based Pensions & Investments gathered information for this report, published annually since 1974, in three steps. protected Among the top 200; assets are equity strategies Questionnaires were sent to more than 1,300 fund sponsors in P&I’s in millions as of Sept. 30. database. The largest 1,000 were identif ed from completed questionnaires, securities Among the top 200; assets are follow-up phone calls and emails, and database searches. Fund Assets in millions as of Sept. 30. Among the top 200; assets are Data for sponsoring entities that did not respond were culled from published in millions as of Sept. 30. Oregon Public Employees $2,503 Fund Assets annual or quarterly reports and Form 5500s f led with the Department of Labor. Maryland State Retirement $675 California Public Employees $19,037 Morningstar Inc. provided source materials used as references to gather the Fund Assets most recent historical asset data for certain plans. California Public Employees $11,121 Nebraska Invest. Council $666 New York State Common $6,261 P&I’s survey generally covers the 12 months ended Sept. 30, 2018. In cases New York City Retirement $8,541 Illinois Municipal $588 Oregon Public Employees $3,853 where no information was available from the fund, or the data were older than June 30, 2018, P&I calculated estimates to Sept. 30. Ohio Police & Fire $452 Maryland State Retirement $2,900 New York State Common $8,210 New questions that were added this year were breaking out bank loans from Pennsylvania School Empl. $7,823 Illinois State Board $440 Los Angeles Fire & Police $1,826 domestic and international f xed-income allocations for def ned benef t plans; total private credit/debt (excluding bank loans) within alternative investments Wisconsin Invest. Board $6,395 Missouri Schools & Edu. $399 Operating Engineers Int’l $1,345 of DB plans; and asking whether the DB plans incorporate ESG factors into the CenturyLink $357 PG&E $1,041 Texas Teachers $4,736 portfolio management process. Massachusetts PRIM $3,708 Illinois Teachers $200 Oklahoma Teachers $1,016 Dollar amounts generally are rounded to the nearest million; in certain tables and charts, they are rounded to billions. The aggregate asset mixes represent Ohio Public Employees $2,473 J.P. Morgan Chase $130 Prudential Financial $883 the weighted averages of all reported allocations for the respective funds. Indiana Public Retirement $2,068 Deloitte $264 All data in this special report are ©2019 Crain Communications Inc. Maryland State Retirement $1,992 Reproduction without permission is prohibited. CONNECTING ASSET OWNERS WITH THE LEADING ASSET MANAGERS FINDING A MONEY MANAGER JUST GOT EASIER

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19pi0030.pdf RunDate: 02/04/19 Full Page Color: 4/C 32 | February 4, 2019 Pensions & Investments THE LARGEST RETIREMENT FUNDS

Three of the f ve largest inves- Among the top 200 funds; assets are in millions as of Sept. 30. tors in distressed debt in P&I’s da- Funds with the most DB assets in alternatives Alts tabase had a decline in distressed Total assets Assets Real estate equity Assets Private equity Assets CONTINUED FROM PAGE 14 debt assets during the survey pe- riod. California Public Employees $71,597 California Public Employees $34,914 California Public Employees $28,253 not accepting alternative managers’ Top ranked $99.1 billion Ohio business-as-usual terms and con- Public Employees’ Retirement Sys- California State Teachers $63,973 California State Teachers $29,919 Texas Teachers $21,312 ditions because “there’s a big push tem, Columbus, saw its distressed Texas Teachers $60,431 Texas Teachers $18,325 California State Teachers $19,376 to reduce fees,” Mr. Nesbitt said. debt assets drop 19% to $2.4 billion. New York State Common $39,999 Washington State Board $15,657 Washington State Board $19,352 This pushback most likely had The distressed debt assets of the an impact on hedge fund assets, he $375.1 billion California Public Em- Washington State Board $38,993 Florida State Board $15,034 New York State Common $18,043 said. ployees Retirement System, Sacra- Florida State Board $33,378 New York State Common $14,575 Oregon Public Employees $15,804 mento, ranked second, but fell Hedge fund assets flat 12.8% to $2.4 billion, while the dis- Pennsylvania School Empl. $31,748 North Carolina $9,576 New York City Retirement $12,408 Hedge fund assets overall were tressed debt assets of the $229.2 Oregon Public Employees $31,595 New York State Teachers $9,295 Florida State Board $11,989 f at within P&I’s top 200 universe, billion California State Teachers’ New York City Retirement $31,287 New York City Retirement $8,848 Michigan Retirement $11,971 up 0.1%. Direct hedge fund invest- Retirement System, West Sacra- ments showed a 4.2% gain in the mento, ranked fourth, were down Michigan Retirement $30,636 Ohio Public Employees $7,784 Ohio Public Employees $9,628 2018 survey, close to 2 percentage 10.8% to $1.6 billion. points shy of the 6.1% gain in the Instead, energy was the new dis- year earlier survey. However, hedge tressed debt, gaining ground during Private credit/debt Assets Infrastructure Assets Commodities Assets funds of funds continued their free the survey period as investors North Carolina $5,815 California Public Employees $4,379 Pennsylvania School Empl. $4,253 fall with a 20.1% drop from Sept. 30, looked to the sector for distressed Arizona State Retirement $4,824 California State Teachers $2,769 California Public Employees $3,823 2017. Looking at the opportunities. past f ve years of sur- With the oil crisis Illinois Teachers $1,788 Oregon Public Employees $1,772 Indiana Public Retirement $2,551 vey data, assets in and the shakeout in Exelon $1,027 New York State Common $1,720 Los Angeles County Empl. $1,392 hedge funds of funds energy in the year have dropped 36.9%. ended Sept. 30, “you New York State Teachers $473 New York City Retirement $1,614 Ohio Public Employees $1,155 “The hidden story can view the increase Orange County $404 Virginia Retirement $1,604 Los Angeles Fire & Police $1,042 is not only the decline in energy as pseudo- Missouri Schools & Educ. $386 Maine Public Employees $1,540 California State Teachers $848 in (hedge fund-of- distressed,” Mr. Nes- funds) assets but also bitt said. Maine Public Employees $326 Pennsylvania School Empl. $1,254 Oregon Public Employees $746 fees … Hedge fund- Indeed, four of the Illinois State Board $298 South Carolina Public Empl. $937 Citigroup $379 of-funds fees cra- f ve largest energy in- tered,” Mr. Nesbitt vestors saw double- Ohio Police & Fire $296 Michigan Retirement $839 Florida State Board $369 said. The decline in TAKE THIS: Wilson Magee digit growth in their hedge fund-of-funds said fundraising helped assets during the sur- assets “would have boost the assets going to vey period. (Second- been worse if not for infrastructure investments. ranked North Caroli- the repricing of fees,” na Retirement Growth of Growth of Growth of energy he added. Systems did not provide energy alternative assets infrastructure assets assets For example, a 2017 study by data in the prior survey.) Among the top 200 DB funds; Among the top 200 DB funds; Among the top 200 DB funds; consultant bf nance showed the assets are in billions as of assets are in billions as of assets are in billions as of median quoted hedge fund-of- No. 1 with energy assets Sept. 30. Sept. 30. Sept. 30. funds fee fell to 80 basis points in The $153.1 billion Teacher Re- May 2017 from 100 basis points in tirement System of Texas, Austin, $1,200 $35 $40 January 2015. topped the list with energy assets $1,100 $35 In the 12 months ended Sept. 30, up 39.6% to $7.9 billion. Energy in- $30 2018, the HFRI (Hedge) Fund vestments reported by the $55.1 $1,000 $30 Weighted Composite index gained billion Pennsylvania Public School $900 $25 3.95%, the HFRI Fund of Funds Employees’ Retirement System, $800 Composite index rose 3.06% and Harrisburg, grew 18.8% to $2.8 bil- $25 $700 $20 the HFRI Fund of Funds Conserva- lion; at the $79.4 billion New Jersey $20 tive index was up 3.64%. Pension Fund, Trenton, energy rose $600 $15 Credit strategies accounted for 15.2% to $2.4 billion; and at the $500 $15 close to 1% of assets of the def ned Minnesota State Board of Invest- $400 benef t funds among the 200 largest ment, St. Paul, which oversees $68.3 $10 $300 $10 plans. Credit tracked by P&I not billion in state pension assets, en- $200 only includes $20.6 billion in dis- ergy grew by 10.4% to $2.2 billion. $5 $5 tressed debt and $3.3 billion in Infrastructure was another high- $100 mezzanine, but also $16.1 billion in f ying sector, with the top nine in- $0 $0 $0 private credit and $6.6 billion in vestors in the asset class showing at 201520142013 2016 2017 2018 201520142013 2016 2017 2018 201520142013 2016 2017 2018 bank loans. This is the f rst year P&I least double-digit increases. Cal- has asked for private credit and PERS, whose infrastructure assets tic infrastructure portfolios. deals are in the power and energy stitutional investors’ increasing bank loan asset breakdowns. rose 17.7% to $4.4 billion in the year For instance, CalPERS in- space,” Paul Mouchakkaa, manag- their commitments to the asset Still, distressed debt assets are ended Sept. 30, topped the ranking. creased its maximum exposure to ing investment director, real as- class. on the decline among institutions, However, there is a lot of overlap developed markets infrastructure sets, told the investment commit- “In our view, the primary reason mainly because “there’s not a lot of between infrastructure and energy by 10 percentage points to 60% of tee in December. for the increase was due to private distressed debt out there,” Mr. Nes- as many U.S. investors have a large its infrastructure portfolio, be- Overall, infrastructure assets infrastructure managers raising bitt said. exposure to energy in their domes- cause “a signif cant portion of U.S. growth was mainly the result of in- capital,” said Wilson Magee, New

Funds with the most DB assets in hedge funds Funds with the most DB assets in direct hedge funds Among the top 200; assets are in millions as of Sept. 30. Among the top 200; assets are in millions as of Sept. 30.

Direct Direct Tactical trading Assets Equity hedge Assets invest- Funds of invest- Funds of Fund Total ments funds Fund Total ments funds California State Teachers $10,956 Virginia Retirement $6,369 Texas Teachers $12,787 $12,787 Illinois Teachers $5,473 $5,116 $357 United Parcel Service $2,445 Texas County & District $1,753

Michigan Retirement $10,977 $4,307 $6,670 Florida State Board $5,235 $5,235 Pennsylvania School Empl. $1,809 Ohio Public Employees $1,424

California State Teachers $10,956 $10,956 Missouri Schools & Education $5,201 $5,201 Ohio Public Employees $1,699 New York State Common $1,253

Virginia Retirement $10,385 $10,385 New Jersey $4,937 $4,119 $818 New York State Common $1,607 Citigroup $728

Ohio Public Employees $7,789 $7,787 $2 Oregon Public Employees $4,629 $4,629 New York City Retirement $1,580 North Carolina $645

Massachusetts PRIM $6,220 $5,253 $967 Maryland State Retirement $4,367 $4,367 New Jersey $1,033 New York City Retirement $454

Texas County & District $6,044 $6,044 California University $3,874 $3,874 Indiana Public Retirement $868 New Jersey $284

Wisconsin Investment Board $6,038 $6,038 New York City Retirement $3,143 $2,999 $144 Texas County & District $859 Ohio School Employees $239

Pennsylvania School Employees $5,719 $5,719 United Parcel Service $3,128 $3,128 Ohio Police & Fire $651 West Virginia Investment $218 New York State Common $5,661 $5,661 Connecticut Retirement $2,831 $2,831 Pensions & Investments February 4, 2019 | 33 THE LARGEST RETIREMENT FUNDS

Funds with the most DB assets in alternatives Among the top 200 funds; assets are in millions as of Sept. 30. Growth of LDI assets Funds with the Fixed Among the top 200 DB funds; most DB assets in Buyouts Assets Energy Assets CONTINUED FROM PAGE 14 assets are in billions as of LDI investments California Public Employees $18,164 Texas Teachers $7,910 Sept. 30. tions, UPS improved the funding Among the top 200; assets are in $120 New York State Common $15,878 North Carolina $3,371 ratio of its U.S. pension plans to millions as of Sept. 30. California State Teachers $15,247 Pennsylvania School Empl. $2,779 91.5% at year-end 2017, com- $110 Fund Assets pared to 76% a year earlier, ac- $100 Washington State Board $14,185 New Jersey $2,370 United Parcel Service $15,588 cording to the company’s most $90 Texas Teachers $14,154 Minnesota State Board $2,179 recent 10-K f ling. United Technologies $12,646 $80 Oregon Public Employees $11,995 Washington State Board $1,924 Carter Holcombe, portfolio manager for UPS’ group trust, $70 General Electric $9,210 Florida State Board $8,262 Texas County & District $1,426 said in a telephone interview that $60 PG&E $8,966 New York City Retirement $7,570 Ohio Police & Fire $1,346 the improved funded status, Honeywell $8,872 paired with the impending freeze $50 New Jersey $7,535 Oregon Public Employees $1,079 of UPS’ largest def ned benef t $40 Prudential Financial $6,896 Pennsylvania School Empl. $6,277 Alaska Retirement $999 plan at the end of 2022, motivated $30 Caterpillar $6,890 the increase in LDI assets. $20 “The plan’s really healthy right Exelon $5,706 Venture capital Assets Distressed debt Assets now,” Mr. Holcombe said. “We’re $10 CenturyLink $3,853 Texas Teachers $3,750 Ohio Public Employees $2,425 not targeting hibernation immedi- $0 Johnson & Johnson $3,841 ately on the freeze date. I think 201520142013 2016 2017 2018 Washington State Board $3,522 California Public Employees $2,419 we’re focused just on making the Florida State Board $2,461 Oregon Public Employees $2,084 plan as healthy as possible as it’s shift,” the investment head said. mined by the funded status of a California State Teachers $2,248 California State Teachers $1,584 sunsetting.” “For us,” he said, “we follow a plan and is now $43 per $1,000 of Mr. Holcombe said a large por- simple funded status glidepath underfunding compared to $9 per Massachusetts PRIM $1,996 New York City Retirement $1,207 tion of the assets from the giant and our funded status improved $1,000 of underfunding just f ve Maryland State Retirement $1,733 Massachusetts PRIM $1,188 contribution were moved into (in the year ended Sept. 30) and years ago. LDI, adding while the company is being stewards of our investment Improving the funded status of a Ohio State Teachers $1,546 New York State Common $902 “planning on immunizing the policy we took risk off in a gradual plan for that reason is the “biggest Ohio Public Employees $1,411 Virginia Retirement $883 plan” on the date it freezes, much manner to match that improve- thing on (fund executives’) minds,” North Carolina $1,360 Washington State Board $832 of what UPS will do depends on ment in funded status. Really for Mr. Wong said. market conditions beyond that us, it’s a gradual shift to take risk In other areas of domestic f xed Michigan Retirement $1,287 New Jersey $824 date. The plan does not have a off the plans.” income, DB plans in the top 200 re- specif c glidepath, he said. While his plan’s funded status duced their exposure to high yield. The UPS Retirement Plan for improved signif cantly, it was not The one outlier was General non-union employees, the plan due to accelerated contributions. Electric, which reported it had $4 York-based director of global real 30. The NCREIF Open-end Di- being frozen, accounts for about Rather, strong market returns for billion in high yield as of Sept. 30, up estate and infrastructure securi- versif ed Core Equity index re- half of UPS’ total DB plan assets, from zero the year before. ties, Franklin Templeton Invest- turned 8.68% gross of fees. Mr. Holcombe said. UPS an- The creation of the high-yield ments. in an email. “Ultimately, CalPERS also was at the head nounced in June 2017 that the portfolio stood in stark contrast to a investors continue to f nd that the of the real estate equity list, with plan would freeze benef t accru- 12% overall decrease in high yield stable, long-duration cash f ows assets up 8% to $34.9 billion, fol- als as of Jan. 1, 2023. among the def ned benef t plans in of infrastructure assets are ap- lowed by CalSTRS with assets the top 200 to $71.1 billion as of Sept. pealing additions to institutional rising 15.2% to $30 billion; Texas Ranking high with LDI 30. That is a decrease from $80.8 bil- portfolios that are dominated by Teachers, with $18.3 billion, up United Technologies Corp., lion a year earlier. stock and bond investments.” 4.3%; Washington State Invest- Farmington, Conn., reported the Some plans and their managers Rounding out the top f ve in- ment Board, Olympia, which second-highest amount of LDI reduced exposure to high yield be- frastructure investors on P&I’s oversees $93.4 billion in def ned strategy assets, with $12.65 bil- cause of their views of where cor- ranking are CalSTRS, with infra- benef t plan assets, with real es- lion as of Sept. 30, down 3% from porate credit is heading. structure assets up 21.8% to $2.8 tate equity increasing 6.3% to the year before. General Electric “In terms of our exposure,” Willis billion; Oregon Public Employ- $15.7 billion; and the Florida Co., Boston, ranked third among Towers Watson’s Mr. Delaney said, ees Retirement Fund with a State Board of Administration, plans with LDI strategy assets, “what we looked at is our valuation 49.2% increase to $1.8 billion; Tallahassee, with $163.6 billion in reporting $9.2 billion, up 31.4% case for high yield, the valuation $213.2 billion New York State DB assets, up 17.1% to $15 billion. from the year before. GE also in- case for loans. We think of that be- Common Retirement Fund, Al- Likewise, real estate invest- creased the overall domestic BIG REASON: Nathan Wong believes ing the corporate-based alternative bany, rising a whopping 170% to ment trust assets among def ned f xed-income allocation within ever-rising PBGC premiums will give DB credit space, and saw in the high- $1.7 billion; and the New York benef t plans in the top 200, up its $54.3 billion def ned benef t sponsors incentive to keep funding high. yield space, the level of default that City Retirement Systems, up 4% to $52.1 billion during the sur- plan to 32.8% from 25.3% the pri- was priced vs. what could happen 75.2% to $1.6 billion. vey period, got a boost from re- or year. the year ended Sept. 30 was the pri- over the next couple of years.” turns. For the 12 months ended Also reporting one of the high- mary driver. “What we did was reduce our Returns boost real estate Sept. 30, the FTSE Nareit All er amounts of LDI strategy assets “It just demonstrates the impor- high-yield exposure from a third of If the increase in infrastruc- REIT index was up 4.22% on a to- was Honeywell International tance of setting an investment pol- the alternative credit space at the ture assets is due to fundraising, tal return basis, and the FTSE Inc., Morris Plains, N.J., which icy and following it,” the invest- beginning of the year to about 10% much of the increase in investors’ Nareit All Equity REITs index implemented an LDI strategy in ment head added. “It seems fairly at the end of the year,” Mr. Delaney real estate equity portfolios can was up 4.31%. 2018, giving it $8.9 billion in LDI simple but important to execute on said. “It’s a pretty signif cant reduc- be attributed to returns. The NC- CalPERS had the most in strategy assets, or 44.2% of the the strategy.” tion in terms of our view of corpo- REIF Property index was up 7.2% REITs, with assets up 2% to $27.6 U.S. DB plan’s total $20.1 billion John J. Delaney, Philadelphia- rate credit.” during the 12 months ended Sept. billion. in assets. based portfolio manager at Willis The def ned benef t plan that re- In the year ended Sept. 30, the Towers Watson PLC, said in a tele- ported the largest drop in high- company oversaw a signif cant phone interview that the increase yield exposure was the California shifting of its asset allocation, in discount rates in the f rst nine Public Employees’ Retirement Sys- Funds with the most DB assets in direct hedge funds dropping domestic equity and in- months of 2018 also contributed to tem, Sacramento, which reported ternational equity to 35% and 4%, the improved funding levels that $7.8 billion in high-yield assets as Among the top 200; assets are in millions as of Sept. 30. respectively, from 56% and 13% led plans to move further along of Sept. 30, just more than half of the year before and bringing do- their glidepaths, along with strong the $14.8 billion it reported a year Relative value Assets Event driven Assets mestic f xed income to 44% from equity markets and those acceler- earlier. 13% the year before. ated contributions. Others reducing high-yield ex- Pennsylvania School Empl. $3,075 Texas County & District $2,886 Calls to Honeywell were not posures included: the $99.1 billion Ohio Public Employees $2,660 Ohio Public Employees $2,004 returned. More contributions likely plan of the Ohio Public Employees’ Johnson & Johnson, New Now that the Sept. 15, 2018, Retirement System, Columbus, New York State Common $1,478 Texas Teachers $1,502 Brunswick, N.J., also reported a deadline to take advantage of the dropping to $2 billion from $2.8 bil- Indiana Public Retirement $913 New York State Common $1,098 signif cant increase in LDI assets, old tax laws has long since passed, lion in high yield; $15.9 billion Ohio Ohio State Teachers $693 Pennsylvania School Empl. $835 to $3.84 billion as of Sept. 30, al- U.S. corporations still are likely to Police & Fire Pension Fund, Colum- most f ve times its $772 million a accelerate their contributions, said bus, to $1.3 billion from $2.16 bil- Texas County & District $545 Citigroup $718 year earlier. Nathan Wong, San Francisco-based lion; the $73.1 billion DB plan of the New York City Retirement $446 New York City Retirement $519 One corporate DB plan invest- vice president, global manager re- State of Michigan Retirement Sys- ment head, who asked not to be search at Callan LLC.. tems, East Lansing, to $487 million Texas Employees $415 New Jersey $456 identif ed, said his plan’s im- “PBGC premiums continue to go from $1.02 billion; and the $27.7 bil- Ohio School Employees $219 Ohio School Employees $350 proved funded status enabled the up,” Mr. Wong said. “I don’t think lion Northrop Grumman Corp., El West Virginia Investment $218 Texas Employees $343 plan to move further along in its that is going to change.” Segundo, Calif., DB plan, whose glidepath for its LDI strategy. It The Pension Benef t Guaranty high-yield exposure fell to $431 was, however, not a “seismic Corp.’s variable rates are deter- million from $1.5 billion. 34 | February 4, 2019 Pensions & Investments THE LARGEST RETIREMENT FUNDS

The largest DC funds by type Growth of DC assets Among the top 200 funds; assets are in millions as of Sept. 30. DC Assets are in billions as of CONTINUED FROM PAGE 3 Sept. 30. 401(k) plans Assets 457 plans Assets 401(a) plans Assets Bond index fell 1.2% during $4,500 Boeing $64,000 New York State Def. Comp. $25,157 Washington State Board $14,497 that period. $4,000 The different allocation IBM $54,047 New York City Def. Comp. $17,960 Florida State Board $11,121 Top 1,000 assets preferences are ref ected in Wells Fargo $42,900 Ohio Deferred Comp. $13,980 National Electric $8,323 $3,500 P&I data, which show the top Lockheed Martin $33,033 Los Angeles County Def. $11,724 Indiana Public Retirement $5,631 1,000 def ned contribution $3,000 J.P. Morgan Chase $28,744 California Savings Plus $7,282 Alaska Retirement $5,579 plans allocated 43.1% of as- sets to domestic stock, 21.6% $2,500 General Electric $26,695 Minnesota State Board $6,999 California University $4,533 to target-date funds, 6.7% sta- United Parcel Service $24,991 Wisconsin Invest. Board $5,297 Tennessee Consolidated $3,849 ble value, 6.4% international $2,000 stock, 4.9% f xed income, Northrop Grumman $21,584 Illinois State Board $4,690 Illinois State Universities $2,495 12.8% cash and the rest to in- $1,500 United Technologies $20,658 Washington State Board $4,551 South Carolina Public Empl. $2,416 f ation protection, annuities Top 200 assets $1,000 United Continental Holdings $20,575 New Jersey $4,446 Minnesota State Board $2,344 and other. Def ned benef t plans, in contrast, invested $500 24.8% in domestic stock, 16.4% 403(b) plans Assets ESOPs Assets Profit-sharing plans Assets in international stock, 6.1% in $0 California University $17,560 Lockheed Martin $8,363 Southwest Airlines $5,444 global equity and 26.2% in 201520142013 2016 2017 2018 New York City Teachers $16,980 Publix Super Markets $8,118 Deloitte $3,456 f xed income. Among the top 200 DB and DC plans, asset Wespath (UMC) $9,302 Northrop Grumman $3,670 Electrical Ind., Joint Board $1,744 mixes were virtually the same as reduced DB inf ows and sup- Mayo Clinic $6,285 United Technologies $3,518 those of the top 1,000 plans. ported DC asset growth. Overall, def ned contribution “Corporate clients have been California State Teachers $984 Johnson & Johnson $434 plans tended to invest heavily in freezing DB plans, so you Pentegra $323 Consolidated Edison $91 passive indexed equity with the wouldn’t see as much in terms of Oklahoma Teachers $167 top 200 plans holding $539 bil- new f ows into those plans as a lion in the asset class as of Sept. driver of growth,” said Mr. North Carolina $16 30, up 14.5% year-over-year, ac- Veneruso. Maine Public Employees $10 cording to P&I data. There was While the growth of DC plans also a signif cant uptick in tar- outpaced traditional pension get-date funds, which grew 5.4% plans in both the corporate and in the year to $270.8 billion. Cus- public sectors, the growth differ- tom target-date funds posted es- ential was especially pro- Funds with the most DC assets in target-date strategies pecially vigorous growth, climb- nounced among corporate plans. ing 8.8% to $201.4 billion. Among DC plans in P&I’s top Among the top 200; assets are in millions as of Sept. 30. 200 universe, corporate spon- Plan inflows sors recorded $1.52 trillion in Off-the- Off-the- Fund Total Custom shelf Fund Total Custom shelf The other important driver of assets as of Sept. 30, up 11% DC asset growth are contribu- year-over-year, according to P&I Federal Retirement Thrift $118,856 $118,856 Los Angeles County Deferred $3,741 $3,741 tions and other plan inf ows, ac- data. In contrast, corporate DB California University $9,242 $9,242 Deloitte $3,736 $3,736 cording to industry analysts. plans among the top 200 saw as- The streamlining of invest- sets drop 2.9% to $1.21 trillion. National Electric $8,323 $8,323 Northrop Grumman $3,615 $3,615 ment options in DC plans, along Today, 33% of employers have United Continental Holdings $7,610 $1,420 $6,190 Caterpillar $3,598 $3,598 with the rising use of auto en- frozen their DB plans, up from American Airlines $7,136 $7,136 Southwest Airlines $3,541 $3,541 rollment and auto escalation, 19% f ve years ago, according to have had a positive impact on a report from Alight Solutions. CenturyLink $6,470 $6,470 General Electric $3,011 inf ows, said Jason Shapiro, di- When companies limit or IBM $6,013 $5,460 $553 BP America $2,859 $2,859 rector of investments at Willis freeze their DB plans, “they tend Towers Watson PLC in New to increase their funding of the J.P. Morgan Chase $5,806 $5,806 California Savings Plus $2,786 $2,786 York. Eligible employees who DC company match,” said Win- North Carolina $5,371 $5,371 Target $2,676 $2,676 otherwise might not have par- f eld Evens, vice president in Exelon $5,097 $5,097 Illinois State Board $2,614 $2,614 ticipated in company DC plans Alight’s wealth practice in Char- because they were overwhelmed lotte, N.C. Washington State Board $4,902 Honeywell $2,452 $2,452 by the number of investment “They’ll take some portion of Florida State Board $4,851 $4,851 Bayer $2,447 $2,447 options now are more likely to the money they were spending participate and “stick around” in to fund the DB plan and redirect New York City Deferred Comp. $4,667 Eli Lilly $2,419 $2,419 the plans, he added. that toward the company match, Merck $4,317 $4,317 United Technologies $2,321 $2,321 Many employers have either so as a result, more dollars are National Rural Electric $3,852 PNC $2,306 frozen or closed their def ned f owing from the plan sponsor benef t plans, moves that have into the DC plan,” he said.

Funds with the Funds with the Funds with the Funds with DC plans offering most DC assets in most DC assets in most DC assets in auto enrollment passive equity passive bonds inflation-protected Among the top 200 plans as of Sept. 30. Among the top 200; assets are Among the top 200; assets are securities Alaska Retirement General Electric PNC in millions as of Sept. 30. in millions as of Sept. 30. Among the top 200; assets are in millions as of Sept. 30. American Airlines Indiana Public Prudential Financial Retirement Bayer Southern Co. IBM Fund Assets Fund Assets Fund Assets BP America Southwest Airlines Johnson & Johnson Federal Retirement Thrift $330,824 Federal Retirement Thrift $27,654 IBM $1,834 California University Texas Employees Eli Lilly IBM $28,498 IBM $3,240 American Airlines $914 Caterpillar United Continental Maine Public Holdings CenturyLink J.P. Morgan Chase $14,247 Northrop Grumman $2,341 Wespath (UMC) $589 Employees United Technologies Citigroup Merck Northrop Grumman $12,824 Alaska Retirement $1,516 North Carolina $557 Virginia Retirement Consolidated Edison Michigan Municipal Wespath (UMC) New York City Def. Comp. $11,200 American Airlines $1,366 New York City Def. Comp. $394 DowDuPont Michigan Retirement New York City Teachers $9,518 Federal Reserve Empl. $1,260 Florida State Board $358 Electrical Industry, Joint Board J.P. Morgan Chase California University $8,301 J.P. Morgan Chase $1,182 J.P. Morgan Chase $339 National Electric Exelon United Technologies $8,162 New York State Def. Comp. $749 Washington State Board $336 Northrop Grumman Federal Reserve American Airlines $7,864 United Technologies $748 National Electric $331 Employees Oklahoma Public Employees Honeywell $6,483 Michigan Retirement $708 Federal Reserve Empl. $324 Federal Retirement Thrift Pentegra Ford Motor PG&E Pensions & Investments February 4, 2019 | 35 THE LARGEST RETIREMENT FUNDS

Angie Gaylor DC plans are posting stronger growth than traditional pension plans even in the public sector, Older companies, not where few DB plans ever shut down, according to Bill Ryan, a partner and head of QDIA manager upstarts, will take lead research and customs solutions at Aon in Chicago. “It’s very rare for a public DB plan to close at all rela- on innovative changes tive to corporate.” Among def ned benef t plans in T h e f u t u r e o f d e f ned contribu- taking their accounts out of their the top 200, government plans had tion may be well rooted in the past. plans. Even though younger $3.78 trillion in assets as of Sept. 30, Although high-growth companies people are being hired, their up 5.2% year-over-year. In contrast, are rapidly adding workers and DC salaries, DC contributions and government DC plans among the retirement assets, some DC account balances don’t match top 200 saw assets climb a more ro- industry experts say older those of retirees. bust 9.3% to $263.2 billion. Public companies and some mature Ms. Brown predicted this DC assets have grown at a faster industries may lead the charge to inf ow-outf ow imbalance will last pace than public DB each of the greater advances in the future. another f ve to 10 years. “Then, past 20 years outside of 2012. “The leaders of the next there will be more DC growth generation are older, established because the money from younger Choices affect inflows legacy plans that have older employees will be signif cant.” Even though public plans are employees,” said Toni Brown, a Ms. Brown said companies with rarely terminated, some new hires San Francisco-based senior both DB and DC plans may have an ate given an opportunity to enroll in def ned contribution strategist at advantage in improving DC plans. either a DB plan or a DC plan, a American Funds, part of Capital “They think of it as a benef t, so choice that can curb DB inf ows. Group Cos., referring to employers it’s easier for them to make a leap “Instead of 100% of new hires go- ing into the DB plan, it may be 90%, that offer def ned benef t and to faith,” she said. “It’s a little bit 80%, or something lower. That def ned contribution plans. easier when you have a DB plan in JUMPING OFF: Toni Brown believes older companies with established DB plans are choice of retirement benef ts by the Companies with DB and DC place to establish a DC plan.” more likely to ‘make a leap of faith’ in using innovative concepts for their DC plans. participant can account for new or plans “tend to pay more attention Of course, DC-only companies increased monies being contribut- to employees’ retirement needs,” “can create a successful DC plan” more quickly” to improve DC plans. viewing their role as more paternalis- ed to a DC plan year-over-year,” Mr. said Robyn Credico, the Arlington, for the future because “as “Their workforce cares for other tic than I would have thought.” Ryan said. Va.-based def ned contribution companies age and employees people,” she said. “They have a wide DC plan innovation won’t be Most public DB plans also con- consulting leader for Willis Towers age, they have a better under- range of salaries and knowledge. limited to a specif c industry or tend with negative cash f ows, Watson PLC. For some companies standing of retirement.” Many employees are 55 and older.” retirement plan approach, said Lew meaning they’re paying out more with only a DC plan, “DC is more The legacy companies, Ms. Lori Lucas, president and CEO of Minsky, president and CEO of the each year in benef ts than they’re of an attraction tool than a Brown added, “appear to be more the Employee Benef t Research Def ned Contribution Institutional collecting in contributions, said retirement tool.” proactive” in establishing what she Institute, Washington, cited health- Investment Association in Washing- Keith Brainard, research director at The challenge for companies calls a retirement tier in their care companies and hospital ton. the National Association of State with DB and DC plans is: “How do investment lineups to address the companies as making efforts to “It depends on the workforce mix Retirement Administrators in I replicate my DB philosophy in a needs of older and longer-tenured improve DC plans in part by encourag- and internal corporate culture,” he Georgetown, Texas. DC plan?” she said. These employees with larger balances. ing retirees and/or former employees said. “The variables are too great to The negative cash f ow averages challenges vary among sponsors The retirement tier can include to keep assets in their DC plans. predict which group of employers will about 2.5% of the asset base. “If the depending on workforce demo- choices among a target-date fund, “Health-care companies see it as accelerate the pace of change.” public pension plans have no in- graphics, she added. a collection of target-risk funds a mission to care for their employ- Mr. Minsky added that large vestment returns, they’re going to lose about 2.5% of their asset base,” Ms. Credico and Ms. Brown said that become more conservative ees,” partly as a ref ection of their sponsors “might be leaders in he said. a big challenge to sponsors — over time, stable value, f xed- goals and also long tenures of many investment outsourcing. Employers Paradoxically, employer and em- whether they offer both plans or income securities and/or an health-care workers, she said. are looking ways to “move away from ployee contributions into DC plans solely a DC plan — is convincing annuity-bidding platform that Ms. Lucas added that a series of owning the f duciary responsibility of fell 2.5% to $54.9 billion from $56.3 employees to keep their money in enables participants to choose focus groups conducted by EBRI in investment choices,” he said. “They billion the year before, according to the DC plan when they retire. out-of-plan annuities. the summer among Silicon Valley have the most to gain from f guring P&I data. Employer contributions They acknowledge the dynamics Ms. Brown cited the health-care companies yielded surprising results. out the f duciary puzzle.” dropped 4%, while employee con- of baby boomers retiring and industry as one that has “moved “Even the high-tech companies were — ROBERT STEYER tributions fell 1.8%. Observers were mystif ed, saying the data might ref ect timing issues. (The data only ref ect plan spon- taking some time to f lter in,” Mr. for example, are “stretching out the ployees contribute, for instance, more to get it,” said Callan’s Mr. sors that f lled in that question on Shapiro said. match,” or raising the bar for em- employers might offer a 50% match Veneruso. P&I’s survey.) He and others also posited that ployees to snatch the full company for the f rst 6% contributed. Participants might not want to “It could be that sponsors are changing employer match struc- contribution, according to Mr. Sha- “In aggregate terms, employees reach for the higher bar and as a changing their plan designs to en- tures might be causing employees piro. Instead of offering employees can still get the same match num- result, contributions may have fall- courage higher savings and that’s to contribute less. Some employers, a 100% match for the f rst 3% em- ber but they would have to save en, observers surmised.

Funds with DC plans Funds with DC plans DC managers DC consultants offering auto escalation offering white-label options most used by the most used by the Among the top 200 plans as of Sept. 30. Among the top 200 plans as of Sept. 30. top 200 funds top 200 funds As of Sept. 30. As of Sept. 30. American Airlines J.P. Morgan Chase Alaska Retirement Merck Bayer National Electric American Airlines Michigan Municipal Times Times Manager mentioned Consultant mentioned California Savings Plus New Mexico Public BP America National Rural Electric Employees Caterpillar California Savings Plus New York City Deferred BlackRock 72 Mercer 8 Comp. Northrop Grumman California University CenturyLink Vanguard 47 Aon 7 Pentegra North Carolina Citigroup Caterpillar State Street Global 37 Callan 7 Prudential Financial Oregon Public Employees Consolidated Edison CenturyLink Target Pentegra T. Rowe Price 26 NEPC 5 CVS Health Citigroup United Continental PG&E DowDuPont CVS Health Fidelity 22 RVK 5 Holdings Target Exelon Exelon Capital Group 20 Segal Marco 5 United Technologies United Continental Federal Reserve Florida State Board Virginia Retirement Holdings Dodge & Cox 19 Rocaton 3 Employees Honeywell Wespath (UMC) United Technologies Ford Motor Indiana Public Retirement Voya 19 Meketa 2 Virginia Retirement Honeywell IBM Dimensional 18 Voya 2 Wespath (UMC) IBM Johnson & Johnson Prudential 13 Eli Lilly Eli Lilly Merck Los Angeles County Michigan Retirement Deferred DATA LICENSING TERMS AND CONDITIONS

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