Archdiocese of St. Louis hired Diversified Investment Advisors as semibundled provider for its $60 million 403(b) plan and changed its menu of investment options, said Mike Kelly, managing director, human resources.
Equitable had been the provider. The archdiocese made the change to move out of insurance-based investment options such as annuities and to reduce costs. The finalists were MetLife and Prudential, said David Hinderstein, consultant with GBS Retirement Services.
The plan now offers 16 investment options; it had 35 before.