Denver to drop 3 investment options from DC plan
By Kevin Olsen | February 28, 2013 3:45 pm
Denver City & County Deferred Compensation Plan will eliminate three investment options from its $527 million 457(b) plan, effective March 15, according to a memo on the plan's website.
The three options are the Invesco (IVZ) Leisure Fund, Fidelity Advisor Technology Fund and Vantagepoint Aggressive Opportunities Fund. No information was provided on why the options are being eliminated.
Innovest Portfolio Solutions assisted the plan.
As of Sept. 30, the Vantagepoint option had $5 million in assets; Invesco, $1.6 million; and Fidelity, $295,000.
Assets in the Vantagepoint fund will be mapped to the Artisan Mid Cap fund, which has $3.8 million in participant assets. The Invesco assets will be mapped to a State Street Global Advisors S&P 500 index fund, which has $6 million in assets. And the Fidelity assets will be mapped to the Vantagepoint 500 Stock index fund, which has $1.7 million in participant assets.
Currently, the deferred compensation plan has 57 investment options in addition to two series of target-date funds.
Susan Judah, secretary of the deferred compensation committee, could not answer questions by press time.