Hands-on experience a plus for Ohio's new executive director

Article Abstract:

Ohio Public Employees Deferred Compensation Program Executive Dir. Virginia Shumrock relies on extensive hands-on experience in administering the $1.7 billion fund. Shumrock joined the program in 1988 as assistant director of finance, after having worked for seven years as a certified public accountant. She believes that her six years with the program was the main reason she was promoted to be its executive director in 1994. Shumrock keeps an eye on the daily details of managing the 457 plan, which has been undergoing gradual evolution in terms of investment options, participation and reporting.

Public Empl Pension Funds, Officials and employees, Ohio, Public employees, Government employees, Public employee pension funds, Shumrock, Virginia

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New system: fund manager learns from past mistakes

Article Abstract:

The Los Angeles, CA, Dept. of Pensions has adopted a program to improve its operating system for city police and fire retirees. Dept. GM Gary Mattingly said that efforts were exerted to avoid repeating the agency's mistakes in 1987, when an average mainframe provider was contracted but generated problems in benefit management. A more formal search was conducted to get a new provider for managing the dept.'s $5.6 billion fund, including installation of a new database system.

Services, Information management, Los Angeles, California

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Litton's pension director responds to corporate need for efficiency and low cost

Article Abstract:

Litton Industries' (Litton) pension plan is administered in a unique way which allows the company to save on costs while improving efficiency. The company's $1.3 billion pension fund is managed through a 401(k) plan engineered by Litton Pension Dir. Christopher Ranieri. Company employees are required to participate in the Financial Security and Savings Program to obtain pension benefits under the defined benefit plan.

Other Electrical Equipment and Component Manufacturing, Electronic Components and Accessories, Military Electronics, Defense industry, Litton Industries Inc., Ranieri, Christopher

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