Interpublic Group of Cos., New York, has redesigned its defined contribution plan and will add new investment options effective Feb. 1. The $300 million plan will have four core options and three lifecycle options, made up of the core options.
Newly added core options will be a U.S. small-cap fund run by State Street Global and a Templeton international equity fund. Two existing funds, SSgA's U.S. large-cap value fund and an internally-managed stable value option, are the other core options.
Officials dropped the balanced fund managed by Frank Russell in favor of the lifecycle funds, said Alan Forster, vice president. RogersCasey assisted.
Virginia Retirement System, Richmond, will invest $100 million with Joseph Littlejohn & Levy Fund III, which acquires controlling interest in companies prime for restructuring. The system also will invest $30 million with MCPI, a real estate partnership, and $50 million in its first overseas real estate investment with Security Capital Global Real Estate, a new partnership that is investing in commercial real estate in western Europe.
Funding will come from cash. The $28.1 billion system already has $60 million in Joseph Littlejohn & Levy's Funds I and II.
Sterling Heights (Mich.) Retirement System hired Loomis Sayles as a small-cap value manager to run $15.5 million. Funding will come from reducing the allocation to large-cap value manager Newbold's Asset Management, which currently manages $47.5 million. The transfer of funds is expected to take place by the end of the year, said Larry Amez, board president for the $165 million system. Merrill Lynch assisted