Illinois State Universities Retirement System's investment committee recommended replacing an active domestic growth equity fund with a large-cap growth index fund tracking the Russell 1000 Growth index, both run by TIAA-CREF, for the $235 million 401(a) participant-directed fund, said James M. Hacking, executive director of SURS, Champaign. The committee cited poor performance.
The active fund would be closed to new investments and participants, who have $19.2 million in the portfolio, would be switched to the new fund, unless they ask to remain in the active fund. The board will consider the recommendation at its June meeting.
TIAA-CREF manages $106 million in all for the 401(a) fund.