Cement and Concrete Workers District Council Annuity Fund, New York, hired New York Life Benefit Services to run its $43 million defined contribution plan. The council, comprising union locals 6A, 18A and 20, changed the funds asset allocation to 75% fixed income and 25% equities, from 90% fixed income and 10% equities. When the plan conversion is completed, it will be member-directed and the assets will map into a default investment option called the "core fund, which is run by New York Life subsidiary MacKay-Shields and incumbent Gabelli Asset Management.
The council has not chosen the remaining eight to 12 investment options expected to be in the plan, which will be launched in late spring. Trustees are drawing up guidelines and objectives for the new investment options, said Tom Reynolds Jr., consultant with Reynolds Securities.