University of California Regents, Oakland, approved establishing a new 457 plan for university faculty and staff. The new plan is to be implemented by Robert C. Dynes, the university president, "as soon as administratively feasible," according to the proposal. It will have one record keeper and investment options that mirror the university's existing $7.7 billion 403(b) plan. University officials are selecting finalists in their now-closed search for a master record keeper for both plans; record keeping for the 403(b) plan is now managed internally, said Paul Schwartz, communications director. A selection is expected in July.
Consultant Aon is assisting.