Searches and Hires

Duke selects Fidelity as primary service provider, consolidates fund lineup for 403(b) plan

Duke University, Durham, N.C., reorganized its investment options lineup after consolidating its 403(b) plan to Fidelity Investments as its primary service provider.

The plan currently has four providers. Effective January 2019, Vanguard Group and VALIC will no longer be service providers for Duke's retirement plan. TIAA-CREF will continue to offer only its traditional fixed annuity product.

Once Fidelity becomes the primary service provider, the 403(b) plan will have 28 core investment options, which includes a series of target-date funds that will continue to be managed and provided by Vanguard. The plan currently also offers Fidelity, T. Rowe Price and Nuveen target-date funds.

There were a total of 346 mutual fund options and 72 annuity contracts offered by the four providers as of Dec. 31, 2016, according to its most recent Form 5500 filing.

New funds in the lineup include TIAA's traditional fixed account stable value fund, Pacific Investment Management Co.'s income institutional multisector bond fund, Vanguard Group's institutional index large-blend fund, MFS Investment Management's midcap value equity fund and a MassMutual midcap growth fund.

The full fund lineup is on Duke's website.

The Duke University Faculty and Staff Retirement Plan had $5.2 billion in assets as of Dec. 31, 2016, according to the Form 5550.

Duke University spokesman Paul S. Grantham referred questions to the announcement on the website.