Norfolk Southern Corp., Norfolk, Va., hired Vanguard Group to offer seven options for its roughly $400 million non-union and $30 million union 401(k) plans, said James N. Bayley, director-financial planning.
American Funds, which had provided three options, was dropped. Vanguard is providing a fixed investment contract fund, Vanguard Wellington, Vanguard Windsor, an international growth fund, a U.S. growth fund and an S&P 500 index fund; it also will oversee the company stock fund.
Vanguard also will be record keeper. It replaces Buck for the union plan and Hewitt for the non-union plan.
Memphis (Tenn.) Light, Gas & Water Division Pension System, with $764 million in assets, hired Invista Capital and INVESCO to manage $15 million each in large-cap international equities in developed countries, said John W. McCullough, manager, finance and treasury.
Assets came from reducing the portfolios of four domestic equity managers who, through good performance, were above target allocations for the fund. There were no terminations. Consulting Services Group assisted.
New York Common Retirement Fund, Albany, committed $25 million to the Westbrook Real Estate Fund II, confirmed H. Carl McCall, the sole trustee of the $78 billion fund.
The fund also committed an additional $100 million to an international active-passive portfolio managed by Morgan Stanley Asset Management. Prior to the commitment, Morgan Stanley managed about $800 million in the portfolio.
The commitments will be funded from cash.
Roofers Local 33, Boston, hired Hannah Group as consultant for its new annuity fund. The $5 million fund should be in place in October with managers Hannah will help select, said Paul Bimmonckford, trustee. Trustees will meet in April with the consultant to initiate the search process.
Hannah also was retained as consultant for the union's $18 million pension fund.