Scottsdale, Ariz., hired Nationwide Financial as record keeper of its 457 plan, said a brochure posted on the city's retirement plan website.
Nationwide replaced ICMA-RC as record keeper effective Jan. 11. The plan also added new investment options as part of the transition, reducing the number of options to 21 from 35, and adding a new target-date fund lineup managed by Vanguard Group to replace the previous ICMA-RC lineup.
The new options are active domestic large-cap equity funds managed by Dodge & Cox, Harbor Capital Advisors and MFS Investment Management; a passive domestic large-cap equity fund managed by Vanguard Group; active domestic midcap growth and value equity funds managed by Victory Capital Management; an active domestic small-cap growth equity fund managed by Emerald Mutual Funds; active international equity funds managed by Cambiar Investors and Capital Group; and domestic core fixed-income funds managed by Fidelity Investments and Metropolitan West Asset Management.
Funds being removed from the lineup are 14 various funds managed by ICMA-RC, along with active domestic large-cap equity funds managed by Allianz Global Investors, Fidelity Investments, Invesco (IVZ), OppenheimerFunds and Parnassus Investments; domestic midcap equity funds managed by AMG Funds, Goldman Sachs Asset Management and Harbor Capital Advisors; a domestic small-cap equity fund managed by OppenheimerFunds; and international equity funds managed by Fidelity and Harbor.
The asset size of the plan could not be immediately learned; Donna B. Brown, the city's human resources director, could not be immediately reached to provide further information.