McCallie School, Chattanooga, Tenn., hired Trustco to run its $4 million pension plan, said Jessica L. Hibbs, controller. The plan terminated consultant Chartwell and dropped its previous investments, three equity mutual funds and one bond fund, she said. Plan officials wanted a bundled approach, she said. The plans asset allocation is 65% equity and 35% fixed income.
Separately, the school made several changes to the lineup of investment options in its $13 million 401(k) plan, said Ms. Hibbs. It added: five Fidelity Freedom funds and Fidelity Balanced, Spartan 500 Index and Midcap Stock; Credit Suisse Capital Appreciation and Small Value; Managers Value and Special Equity; Ariel Appreciation; Oakmark Select One; and Templeton Mutual Discovery funds, she said. The plan also dropped Fidelitys Worldwide and Asset Manager Growth funds, she said. It now has 22 investment options, up from nine, she said.
Fidelity is bundled provider; the plan did not use a consultant.