DFX Intelligence

Allocator Intelligence

The capital-owner graph behind private markets. Who owns the capital, who decides, how much, under what policy, on whose advice, to which managers, and what changed, with a source and a date behind every row. A target is never an actual, a disclosed holding is never an approval, and an estimate says so.

Corporate pension

IBM Personal Pension Plan

Corporate pensionArmonk, NY
Assets
$18B
Total assets, Dec 31, 2024 reported
Funded
71.9%
Jan 1, 2024
Private markets target
n/a
policy Dec 31, 2024
Commitments
23
3 managers on Schedule C
Plan sponsor: International Business Machines Corporation
Allocation policy
Form 5500, as of Dec 31, 2024
Actual allocation lines without a target (as filed)
  • Interest-bearing cash 3.6%
  • Non-interest-bearing cash 0.1%
  • Corporate debt instruments (other) 21.9%
  • Corporate debt instruments (preferred) 0.4%
  • U.S. Government securities 38.6%
  • Employer securities 0.0%
  • Other investments 12.4%
  • Partnership/joint venture interests 8.2%
  • 103-12 investment entities 0.8%
  • Common/collective trusts 3.0%
  • Pooled separate accounts 3.3%
  • Registered investment companies 2.5%
  • Common stock 3.6%
  • Preferred stock 0.0%
Consultants and advisers
13 firms
People
No investment staff or executives have been read for this allocator yet.
Manager roster
3 managers on the commitment tape
From the plan’s own commitment disclosures
From Schedule C (investment management, code 28)
Commitments
23 rows, 0 dated closings
Disclosed holdings (from the plan’s performance or holdings report, as of the report date)
DateFundManagerBucketAmountVintageStatusSource
as of Dec 31, 2024Jpmcb Mortgage Private Plmt Fundcollective trustJP Morgan Chase BankFixed income$376M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024Emerging Markets Systematic Equitycollective trustWellington Trust Company, NaPublic equity$46.9M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024Privest Accountseparate accountPrudential Insurance Company of AmePooled vehicles$590M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024Jpmcb Global Emerging Mkts Discovercollective trustJP Morgan Chase BankPooled vehicles$34.3M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024Pgim Fixed Income Emerging Markets103 12 iePgim, Inc.Fixed income$67.1M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024Emerging Markets Alpha Tilts Fundcollective trustBlackrock Institutional Trust Company, N.A.Public equity$42.3M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024Russell 2000 Index Nl Fundcollective trustState Street - Russell 2000Pooled vehicles$37.9M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2024TWO Sigma International Core Fund103 12 ieTWO Sigma Advisers, LPPooled vehicles$81.0M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023Jpmcb Mortgage Private Plmt Fundcollective trustJP Morgan Chase BankFixed income$540M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023Emerging Markets Systematic Equitycollective trustWellington Trust Company, NaPublic equity$40.1M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023Privest Accountseparate accountPrudential Insurance Company of AmePooled vehicles$867M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023Western Asset Mgt Opportunistic V103 12 ieWestern Asset ManagementHedge / diversifiers$23.1M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023Jpmcb Global Emerging Mkts Discovercollective trustJP Morgan Chase BankPooled vehicles$33.5M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023Pgim Fixed Income Emerging Markets103 12 iePgim, Inc.Fixed income$75.5M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2023Emerging Markets Alpha Tilts Fundcollective trustBlackrock Institutional Trust Company, N.A.Public equity$42.7M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022Jpmcb Mortgage Private Plmt Fundcollective trustJP Morgan Chase BankFixed income$514M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022Two Sigma International Core Fund103 12 ieTwo Sigma AdvisersPooled vehicles$65.1M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022Privest Accountseparate accountPrudential Insurance Company of AmePooled vehicles$812M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022Western Asset Mgt Opportunistic V103 12 ieWestern Asset ManagementHedge / diversifiers$20.0M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022Jpmcb Global Emerging Mkts Discovercollective trustJP Morgan Chase BankPooled vehicles$24.6M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022Pgim Fixed Income Emerging Markets103 12 iePgim, Inc.Fixed income$83.8M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022Emerging Markets Alpha Tilts Fundcollective trustBlackrock Institutional Trust Company, N.A.Public equity$43.9M heldDisclosed holdingaskebsa.dol.gov
as of Dec 31, 2022Emerging Markets Systematic Equitycollective trustWellington Trust Company, NaPublic equity$39.6M heldDisclosed holdingaskebsa.dol.gov
Size and funding
33 readings
Total assets
$18B Dec 31, 2024 reported Form 5500
$25B (2023-12) · $26B (2022-12)
Plan assets
$24B Jan 1, 2024 reported Form 5500
$25B (2023-01) · $52B (2022-01)
Net assets
$18B Dec 31, 2024 reported Form 5500
$24B (2023-12) · $25B (2022-12)
Funded ratio
71.9% Jan 1, 2024 reported Form 5500
72.3% (2023-01) · 87.9% (2022-01)
Funding target
$19B Jan 1, 2024 reported Form 5500
$20B (2023-01) · $36B (2022-01)
Discount rate
5.07% Jan 1, 2024 reported Form 5500
5.13% (2023-01) · 5.26% (2022-01)
Participants
140,566 Jan 1, 2024 reported Form 5500
144,002 (2023-01) · 250,506 (2022-01)
Contributions
$0 Dec 31, 2024 reported Form 5500
$0 (2023-12) · $0 (2022-12)
Benefits paid
$7.7B Dec 31, 2024 reported Form 5500
$1.7B (2023-12) · $20B (2022-12)
Net investment income
$-6.9B Dec 31, 2024 reported Form 5500
$-720M (2023-12) · $-27B (2022-12)
Investment management fees
$28.7M Dec 31, 2024 reported Form 5500
$39.4M (2023-12) · $64.2M (2022-12)
Form 5500 filings
3 plan years
Plan yearParticipantsAssets (SB market)Funding targetFTAPTotal assets (H)Partnerships / JVMaster trustReal estate
2024 to Dec 31, 2024140,566$24B$19B71.9%$18B$1.5Bn/an/a
2023 to Dec 31, 2023144,002$25B$20B72.3%$25B$1.7Bn/an/a
2022 to Dec 31, 2022250,506$52B$36B87.9%$26B$3.2Bn/an/a
Service providers and investment entities as filed (Schedule C and D, latest year first)
What changed
29 events
  • Dec 31, 2024Holding started
    IBM Personal Pension Plan first reports an interest in Russell 2000 Index Nl Fund (State Street - Russell 2000): $38M at 2024-12-31
    with State Street - Russell 2000askebsa.dol.gov
  • Dec 31, 2024Holding endedinference
    IBM Personal Pension Plan no longer reports Western Asset Mgt Opportunistic V (last held $23M at 2023-12-31; absent from the 2024-12-31 filing)
    with Western Asset Mgt Opportunistic Vaskebsa.dol.gov
  • Dec 31, 2024Holding started
    IBM Personal Pension Plan first reports an interest in TWO Sigma International Core Fund: $81M at 2024-12-31
    with TWO Sigma International Core Fundaskebsa.dol.gov
  • Dec 31, 2024Manager relationship endedinference
    Income Research no longer appears on IBM Personal Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Income Research & Mgmt. Inc.askebsa.dol.gov
  • Dec 31, 2024Consultant changedinference
    Russell Investment Group no longer appears on IBM Personal Pension Plan's Schedule C as pension consultant (plan year 2024 vs 2023)
    with Frank Russell Companyaskebsa.dol.gov
  • Dec 31, 2024Manager relationship endedinference
    Apax Partners no longer appears on IBM Personal Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Apax Partnersaskebsa.dol.gov
  • Dec 31, 2024Consultant changedinference
    Hudson Advisors LP no longer appears on IBM Personal Pension Plan's Schedule C as investment adviser (plan) (plan year 2024 vs 2023)
    with Hudson Advisors LPaskebsa.dol.gov
  • Dec 31, 2024Consultant changedinference
    Alterity Group appears on IBM Personal Pension Plan's Schedule C as pension consultant (plan year 2024 vs 2023)
    with Alterity Group LLCaskebsa.dol.gov
  • Dec 31, 2024Manager relationship endedinference
    First Quadrant no longer appears on IBM Personal Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with First Quadrantaskebsa.dol.gov
  • Dec 31, 2024Manager relationship endedinference
    Doubleline Capital no longer appears on IBM Personal Pension Plan's Schedule C as investment manager (plan year 2024 vs 2023)
    with Doubleline Capital, LPaskebsa.dol.gov
  • Dec 31, 2024Assets changed
    IBM Personal Pension Plan total assets $25.0B -> $17.9B (-28.2%, 2023-12-31 to 2024-12-31)
    askebsa.dol.gov
  • Dec 31, 2023Holding endedinference
    IBM Personal Pension Plan no longer reports Two Sigma International Core Fund (last held $65M at 2022-12-31; absent from the 2023-12-31 filing)
    with Two Sigma International Core Fundaskebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Legal & General Inv. Mgmt. America appears on IBM Personal Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Legal & General Inv Mgmt Americaaskebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Marathon Asset Management LLP appears on IBM Personal Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Marathon Asset Management, LPaskebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Blackrock Financial Management, Inc appears on IBM Personal Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Blackrock Financial Management, Incaskebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Garcia Hamilton appears on IBM Personal Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Garcia Hamilton & Associates, L.P.askebsa.dol.gov
  • Dec 31, 2023Manager relationship endedinference
    Rockpoint no longer appears on IBM Personal Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Rockpointaskebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Systematica appears on IBM Personal Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Systematicaaskebsa.dol.gov
  • Dec 31, 2023Manager relationship endedinference
    Tiger Real Estate no longer appears on IBM Personal Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Tiger Real Estateaskebsa.dol.gov
  • Dec 31, 2023Consultant changedinference
    Ernst & Young LLP no longer appears on IBM Personal Pension Plan's Schedule C as pension consultant (plan year 2023 vs 2022)
    with Ernst & Young LLPaskebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Jefferies LLC appears on IBM Personal Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Jefferies Financial Group Inc.askebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Pugh Capital appears on IBM Personal Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Pugh Capitalaskebsa.dol.gov
  • Dec 31, 2023Manager relationship endedinference
    Arrowstreet Capital no longer appears on IBM Personal Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Arrowstreet Capital, LPaskebsa.dol.gov
  • Dec 31, 2023Manager relationship endedinference
    Blackrock Institutional Trust Comp no longer appears on IBM Personal Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Blackrock Institutional Trust Co,naaskebsa.dol.gov
  • Dec 31, 2023Manager relationship started
    Ninety One North America Inc. appears on IBM Personal Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Ninety One North America, Inc.askebsa.dol.gov
  • Dec 31, 2023Manager relationship endedinference
    Investec no longer appears on IBM Personal Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Investecaskebsa.dol.gov
  • Dec 31, 2023Manager relationship endedinference
    Blackstone no longer appears on IBM Personal Pension Plan's Schedule C as investment manager (plan year 2023 vs 2022)
    with Blackstoneaskebsa.dol.gov
  • Jan 1, 2023Funded status changed
    IBM Personal Pension Plan funded ratio 87.9% -> 72.3% (2022-01-01 to 2023-01-01)
    askebsa.dol.gov
  • Jan 1, 2023Assets changed
    IBM Personal Pension Plan plan assets $51.9B -> $25.2B (-51.4%, 2022-01-01 to 2023-01-01)
    askebsa.dol.gov
Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Provenance
Identifiers: EIN-PN 130871985-001
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Sep 15, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.