University of Miami revamps investment lineup of 403(b) plans

University of Miami has added nine investment options to its four 403(b) plans, according to a brochure posted on the plans' website.

The additions were effective on Jan. 3, according to the brochure.

The new funds are an active international large-cap growth equity fund managed by Capital Group; an active domestic small-cap growth equity fund managed by Eagle Asset Management; an active domestic large-cap value equity fund managed by John Hancock Advisers; an active domestic short-term fixed-income fund managed by Lord Abbett & Co.; an active domestic midcap growth equity fund managed by MML Investment Advisers; an active domestic intermediate-term fixed-income fund managed by Metropolitan West Asset Management; and an active domestic midcap value equity fund managed by MFS Investment Management.

The plans also added the Vanguard Federal Money Market Fund and Vanguard Total International Stock Index Fund. They replace two other Vanguard Group funds. The former replaces the Vanguard Prime Money Market Fund and the latter, the Vanguard FTSE All-World ex-US Index Fund. Participants in the old funds were mapped into their respective new funds.

All four plans have the same investment lineup.

Two other funds were removed. The plan removed an active emerging markets equity fund managed by Dimensional Fund Advisors; participants were mapped to the target-date fund lineup managed by Fidelity Investments. The plan also removed an active domestic small-cap growth equity fund managed by Lord Abbett & Co. Participants were mapped to the new Eagle Asset Management fund.

The plans now have 15 investment options plus the Fidelity target-date fund lineup.

According to the university's most recent Form 5500s, the Defined Contribution Retirement Plan for Faculty had $880 million in assets, the Supplemental Retirement Annuity Program had $563 million in assets, the Retirement Savings Plan had $458 million in assets and the Retirement Savings Plan II had $89 million in assets, all as of Dec. 31, 2015.

Todd Ellenberg, university spokesman, did not return a phone call seeking further information by press time.