Thirteen investment options and five asset classes were added; six options were closed and will be eliminated in October, said Julian Regan, executive director. Plus, Nationwide Retirement Solutions, Dublin, Ohio, was named record keeper, replacing CitiStreet LLC, Quincy, Mass.
"The changes were based on the board's overriding objective of providing participants with a high-quality, diversified menu of investment options," Mr. Regan said. It was also the result of a lengthy search last year, aided by consultant Evaluation Associates Inc., Norwalk, Conn.
The new asset classes are midcap blend, midcap growth, small-cap blend and small-cap growth, plus a series of lifecycle funds from Fidelity Investments, Boston. They were added to ensure that the plan's core menu would offer participants at least one investment option in all of the basic U.S. equity categories, Mr. Regan said.
Individual funds added were: PAX World Balanced; Vanguard PRIMECAP and Capital Opportunity; Harbor Capital Appreciation; ICAP Equity Portfolio; Alger Mid-Cap Growth; Liberty Acorn USA; Ark Small-Cap Equity Portfolio; and Strong Advisor Small Cap Value Fund. The other four funds are the lifecycle funds from Fidelity
Dropped were: Seligman High Yield Fund; Calvert Social Investment Fund; MFS Research Fund A; Vanguard U.S. Growth Portfolio; Oppenheimer Quest Opportunity Value Fund A; and PBHG Emerging Growth Fund.
The plan retained the Vanguard Stable Income Fund, Money Market Reserves, Total Bond Market Index Fund, GNMA Fund, Wellington and Institutional Index; Putnam International Growth and George Putnam Fund of Boston; Fidelity Magellan, OTC Portfolio and Diversified International; Dreyfus Appreciation Fund; Janus Fund; Davis NY Venture A; T. Rowe Price Equity Income and International Stock; MSIF Trust Value Portfolio and Emerging Markets Portfolio; and American Century International Growth.