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Portland 457 plan adds Vanguard FTSE Social Index Fund

Portland (Ore.) Governmental 457 Plan added the Vanguard FTSE Social Index Fund as an investment option, according to a posting on the plan's website.

The $568 million 457 plan added the fund to replace the TIAA-CREF Social Choice Equity Fund.

The city's deferred compensation committee made the change “based upon the lower costs and improved performance of the Vanguard FTSE Social Index Fund,” according to the posting.

According to recent deferred compensation committee minutes, the change took effect on Jan. 13. A little more than $16 million in assets in the TIAA fund were transferred to the new fund managed by Vanguard Group.

Jeanine Keller, deferred compensation administrator, would not provide further information.