Los Angeles County Metropolitan Transportation Authority on Sunday will add 14 investment options to its 401(k) and 457 plans, which have a total of $271 million in assets, raising the number of investments offered in each plan to 43. The plans, which mirror each other, will drop three funds Gabelli Value, American Century Value and Neuberger Berman Socially Responsible funds and a Schwab brokerage account, said Ed Paull, pension and benefits manager.
Plan officials are dropping the Gabelli fund because it is no longer a value fund, and Neuberger Berman and American Century for performance reasons.
The 14 new investment options are: Putnam Fund for Growth and Income, Research A, Capital Appreciation, and Advisor Worldwide Growth; MFS Capital Opportunity, Equity Income A, Mid-Cap Growth, and New Discovery; INVESCO Blue Chip, Dynamics, and Small Company Growth; Janus Advisors Capital Appreciation; American Century Equity Income; and Fidelity Advisor Value Strategy T.
ICMA is the plans record keeper; a new 12-month contract was signed Dec. 31. The investment committee is expected to decide whether the fund will remain with ICMA or re-bid by mid-year, Mr. Paull said.