Archive for February, 2003

2003 February

Friday, February 28th, 2003
Fixed  Income Large
Cap Value		 Large
Cap Growth		 Foreign Small
Company		 Portfolio
             
Morningstar
Averages for the Universe		 n/a -4.99% -3.15% -6.13% -5.48% n/a
             
Stable
Value Option		 0.80%          
Wellington
Core		 1.58%          
PRIMCO
GIC		 0.85%          
Cash 0.20%          
BGI
– Money Market Index		 0.22%          
             
Benchmark            
LB
1-3 yr. Govt./Treas.		 0.47%          
             
Equity
Index Option (BGI – US Equity Index)		     -4.08%      
             
Benchmark            
Russell
3000		     -4.05%      
             
Value
Stock Option		   -5.09%        
Federated
Stock Trust		   -5.08%        
Morgan
Value (separately managed)		   -4.61%        
Neuberger
Berman Focus Tr		   -5.10%        
Legg
Mason Spec. Invmt. Trust		   -3.17%        
Neuberger
Berman Regency		   -3.14%        
T.
Rowe Price Value		   -7.13%        
BGI
– Value Index		   -6.22%        
             
Benchmark            
Russell
Price Driven (1000 Value)		   -5.02%        
             
Growth
Stock Option		     -1.74%      
MFS
Instl. Mid Cap Growth		     -0.88%      
Turner
Mid Cap Growth		     -1.09%      
TCW
Galileo Select Equities I		     0.69%      
Marsico
Focus		     -3.00%      
BGI
– Growth Index		     -3.03%      
             
Benchmark            
Russell
Earnings Growth (1000 Growth)		     -2.87%      
             
International
Stock Option		       -5.33%    
Amer
Cent-20th Cent. Int’l Discovery		       -2.36%    
Amer
Cent-20th Cent. Int’l Growth		       -6.58%    
Janus
Overseas		       -8.44%    
Templeton
Instl. Foreign		       -5.61%    
First
Eagle Overseas I		       -1.28%    
Longleaf
Partners Intl.		       -9.43%    
             
Benchmark            
MSCI
All Country World Free Ex US		       -5.74%    
             
Diversified
Small Company Stock Option		         -4.93%  
MFS
Instl. Emerging Equities		         -5.58%  
Royce
Opportunity		         -5.29%  
DFA
U.S. Micro Cap Portfolio		         -5.04%  
State
Street Aurora		         -6.95%  
Berger
Small Cap Value Instl.		         -4.73%  
Franklin
Small Cap Growth II		         -3.20%  
BGI
– Small Company Index		         -4.45%  
             
Benchmark            
Russell
2000 Total		         -5.71%  
             
Conservative
Model Portfolio		           -1.26%
             
Benchmark            
Conservative
Composite Index		           -1.53%
             
Moderate
Model Portfolio		           -2.28%
             
Benchmark            
Moderate
Composite Index		           -2.77%
             
Aggressive
Model Portfolio		           -3.29%
             
Benchmark            
Aggressive
Composite Index		           -3.70%

Posted in Detailed YTD | Comments Off on 2003 February

2002 Plan Expense Overview

Monday, February 24th, 2003
Total Plan Assets on 12-31-2002                          $1,026,732,564.00
Total Trust, Administrative, and Investment Manager Cost              $5,061,875.00
Hewitt Associates (our record keeper) reported that in a study of 8 clients with an average plan size of
40,000 plus participants, the following range of costs were experienced:
Trustee Cost      =   5% to 15% of Total Plan Cost
Admin Cost        = 20% to 35% of Total Plan Cost
Investment Cost = 70% to 85% of Total Plan Cost
Applying the above range to our asset base provides the following comparison
Trust Cost Range (.05 – .15 x 5,061,875)        5% to 15%
253,094 to 759,281
DAP Trust Cost = $485,073 or  9.6%
Admin Cost Range (.20 – .35 x 5,061,875)       20% to 35%
1,012,375 to 1,771,656
DAP Admin Cost = $1,422,902 or  28.11%
Investment Cost Range (.70 – .85 x 5,061,875)      70% to 85%
3,543,3313 to 4,302,594
DAP Investment Cost = $3,153,900 or  62.3%
The Directed Account Plan expenses fall into the lower range of expenses experienced by the larger
plans as reported by Hewitt.  In addition, our actual costs in 2002 were further reduced by participant
transfer fees and mutual fund administrative fee offsets by $749,817 or 14.8%.
The Directed Account Plan expenses continue to be very competitive relative to other plans.
2002 Expense Overview
Total Assets (12/31/02) $1,026,732,564
Total * Operating Expenses 1,642,075
Recordkeeping (Benefits Express)
Trustee
Administration
Personnel
Communication
Operating Expenses * as a percent of assets 16
Approximate **net *** investment manager fees 28
Other Mutual Fund Expenses **** 9
Total Plan Fees and Expenses as a percent of assets 53 basis points
*    Net of transfer fees
**  Mutual Fund Investment Management Fee Avg.
*** After Administrative Offsets
**** Includes Mutual Fund Transaction Fees, 12b-1 Fees, Administrative Fees, and all other
Asset-based costs incurred by the funds.  Does not include transaction costs of participant
activity, which is reflected in each BGI NAV lowering BGI fund performance.
Expense Ratio
Morningstar
Option Average
(Basis Points) (Basis Points)
Stable Value 30 n/a
Value Stock 93 104 LV, 125 MV
Equity Index 22 n/a
Growth Stock 73 114 LG, 121 MG
International Stock 135 114
Diversified Small Co. Stock 94 116
Models:
Conservative 41 n/a
Moderate 61 n/a
Aggressive 73 n/a

Posted in News | Comments Off on 2002 Plan Expense Overview

February 2003

Saturday, February 22nd, 2003
Day Stable Value Value Stock Equity Index Growth Stock Intl. Stock Div. Small Co. Stock Conserv. Portfolio Moderate Portfolio Aggressive Portfolio Retirement Portfolio
03 180.31 237.06 218.38 174.53 157.57 234.94 197.60 205.60 201.65 –
04 180.36 233.64 215.54 172.02 156.64 233.84 196.62 204.22 200.03 –
05 180.36 232.77 214.52 171.47 156.36 233.25 196.31 203.81 199.54 –
06 180.40 230.44 213.20 170.74 155.05 231.58 195.75 202.92 198.39 –
07 180.48 228.03 210.96 169.06 153.90 228.32 195.05 201.58 196.74 –
10 180.47 229.47 212.48 170.62 152.63 229.56 195.53 202.20 197.37 –
11 180.50 227.54 210.86 169.90 153.71 228.24 194.98 201.63 196.74 –
12 180.54 224.15 208.21 167.69 152.80 225.41 194.03 200.06 194.91 –
13 180.59 223.50 207.80 166.43 152.68 224.36 193.90 199.60 194.37 –
14 180.65 227.45 211.76 170.25 153.43 227.18 195.21 201.71 196.69 –
17 Market Closed – Holiday
18 180.67 232.25 216.03 174.34 155.06 231.15 196.68 204.24 199.56 –
19 180.71 230.32 214.51 173.36 154.36 228.69 196.16 203.30 198.39 –
20 180.75 228.44 212.68 172.30 154.24 228.60 195.59 202.62 197.68 –
21 180.80 231.22 215.52 174.57 153.88 230.89 196.53 203.95 199.15 –
24 180.85 226.91 211.65 171.35 153.50 227.35 195.25 201.93 196.85 –
25 180.88 228.36 213.18 172.46 150.61 228.48 195.75 202.26 197.11 –
26 180.92 225.81 210.53 170.05 150.23 226.44 194.94 200.92 195.61 –
27 180.94 228.53 213.07 172.35 150.53 228.43 195.80 202.26 197.10 –
28 180.99 229.56 213.99 173.71 151.80 228.86 196.14 202.99 197.90 –
February Fund Performance (in percentages)
0.41% -2.93% -1.65% -0.34% -2.79% -2.87% -0.60% -1.10% -1.67% –

Posted in Daily NAVs | Comments Off on February 2003