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Miami-Dade County deferred comp plan revamps investment options

Miami-Dade County Deferred Compensation Plan overhauled its investment options lineup, adding 18 new investment options and a target-date fund lineup managed by Vanguard Group, according to a posting on the plan's website.

The changes are the result of a value and fee benchmarking study "to provide better fiduciary oversight of the county's voluntary 457 deferred compensation plans as part of the county's continual due diligence," the posting said. The overhaul dropped 37 investment options and a target-date fund lineup managed by Nationwide Financial, the record keeper of the plan.

Added to the plan were a domestic high-yield fixed-income fund managed by BlackRock (BLK); an active domestic large-cap growth equity fund and balanced asset allocation fund managed by Capital Research and Management Co.; a real estate fund managed by Dimensional Fund Advisors; a passive international equity fund managed by Fidelity Investments; an active international large-cap growth equity fund managed by Franklin Templeton (BEN) Investments (BEN); an active domestic large-cap value equity fund managed by Invesco (IVZ); an active domestic small-cap growth equity fund managed by Goldman Sachs Asset Management; an active international equity fund managed by Hartford Funds; an active domestic small-cap value equity fund and active domestic large-cap blend equity fund managed by J.P. Morgan Asset Management (JPM); a stable value fund managed by Nationwide Financial; an intermediate core fixed-income fund managed by Amundi Pioneer Asset Management; a government fixed-income fund and active domestic midcap value equity fund managed by Wells Capital Management; and a passive domestic core fixed-income fund, passive domestic small-cap equity fund and passive domestic midcap equity fund managed by Vanguard.

An asset size for the 457 plan could not be learned by press time; Arleene Cuellar, director of human resources, did not respond to requests for further information by press time.