Illinois State Universities Retirement System, Champaign, hired Fidelity as an investment provider for its $134 million participant-directed 401(a) plan, effective April 1, said James M. Hacking, executive director. Fidelity joins TIAA-CREF and ING as providers for the plan, which offers 40 investment options. Participants can move their money among any of funds offered by the plans three providers.
The plan terminated ICMA, which offered 18 funds, Mr. Hacking said; its average fund fee had crept up over recent years to 1.49%. TIAA-CREFs average fee is 38 basis points; INGs average fee is 94 basis points. SURS chose Fidelity in part because its fees average 62 basis points, and because of its broad array of brand-name funds, he said.