City of Los Angeles Deferred Compensation Board is redesigning its $1.3 billion 457 plan and streamlining the investment options, said Steven Montagna, the plans management analyst. The board also slashed administration costs by 80% over the length of a five-year contract, representing a $29 million savings, and has negotiated reduced institutional pricing on investment management fees, he said. The old version of the plan had 29 core investment options and two money managers Hartford Life Insurance and Washington Mutual Bank providing bundled services. The new plan, effective July 1, will have 18 investment options including 10 core options plus a discount brokerage window. Great West Life & Annuity Insurance will be the record keeper and administrator and provide the brokerage window, he said. In exchange for the fund retaining four of the 12 Hartford funds, Hartford Life cut its administrative fees to 15 basis points from 75 basis points and eliminated its contingent deferred sales charge, saving the board $10 million and participant surrender charges, Mr. Montagna said. Three additional Hartford Life funds bid separately and will be included in the fund options. Four Washington Mutual funds will remain in the plan, he said.