Illinois State Universities Retirement System, Champaign, plans to add a series of seven TIAA-CREF lifecycle funds as investment options for its $396 million participant-directed 401(a) plan, said Daniel L. Allen, CIO.
System officials also plan to change the default investment to one of the 10 Fidelity lifecycle funds, depending on the age of the participant. The current default is the Fidelity Puritan fund, a balanced fund. The system's board believed the Fidelity lifecycle funds offer a better risk and reward mix, Mr. Allen said. The Puritan fund will remain an investment option.