Marin County cuts number of investment options for deferred comp program, adds target-date lineup

Marin County Deferred Compensation Program, San Rafael, Calif., is reducing the number of investment options and adding a new target-date fund lineup managed by Vanguard Group, according to a posting on the website of the four 457 plans.

The changes are effective July 18 for the four plans, which have identical investment options lineups and combined assets of about $200 million.

The number of domestic equity funds being offered is being reduced to four from nine. Of the four, three are new to the plan: an active domestic large-cap blend equity collective investment trust managed by MFS Investment Management; an active domestic midcap blend equity fund managed by Hartford Funds and subadvised by Schroder Investment Management; and a passive domestic small-cap growth equity fund managed by Vanguard. Funds being eliminated are active domestic large-cap equity funds managed by Dodge & Cox and Fidelity Investments, both of which are mapping to the MFS CIT; active domestic equity funds managed by Allianz Global Investors (small-cap value), Dimensional Fund Advisors (microcap), Hotchkis & Wiley (midcap value) and T. Rowe Price Group (midcap growth), all of which are mapping to the Hartford Schroder fund; and a small-cap index fund and midcap index fund, managed by Vanguard, mapping to the new Vanguard fund.

In fixed income, the plan is adding an active domestic core fund managed by Metropolitan West Asset Management, replacing a similar fund managed by Pacific Investment Management Co., from which participants will be mapped. In international/global equity, the plan is adding an active international equity fund managed by Hartford Funds. Funds in the category being eliminated are similar funds managed by Capital Group and Dodge & Cox.

The changes leave the plans with 10 investment options and the newly added Vanguard Group target-date fund lineup.

Mary Hao, the county's director of human resources, could not be immediately reached to provide further information.