Los Angeles City Deferred Compensation Board plans to search for a new record keeper by the end of the year, when incumbent Great-Wests five-year contract nears expiration, said Steven Montagne, senior personnel analyst. Great-West can rebid, he said.
Separately, the $1.4 billion 457 plans board added the Neuberger Berman Socially Responsible Fund to its lineup of 22 investment options, Mr. Montagne said. The Capital Guardian U.S. Equity Fund, a collective trust, will replace a large-cap growth equity portfolio managed by Aeltus; the Lotsoff Capital Small Cap Equity Fund will replace the Diversified Special Equity collective trust. The two managers contracts were nearing the end of their three-year terms, and the subsequent searches produced other funds that were "more in line with what the plan wanted to offer, Mr. Montagne said.