Montana Public Employees’ Retirement Board, Helena, shuffled investments options in its 457 and 401(a) plans, confirmed Patricia Davis, member services bureau chief.
The retirement board approved adding the Vanguard Balanced Index Fund to the $344.6 million 457 plan, replacing the Dodge & Cox Balanced Fund because of performance, Ms. Davis said in a telephone interview. Participants in the 457 plan had $13.2 million invested in the Dodge & Cox fund. Steve Gorski, spokesman for Dodge & Cox, said the company does not comment on client matters.
The board also added the Alger Capital Appreciation Z fund to its $75 million 401(a) plan, replacing American Funds’ Growth Fund of America, which was removed for performance, Ms. Davis said. Participants in the 401(a) plan had $4.4 million invested in the Growth Fund of America. Maura Griffin, spokeswoman for American Funds, did not return a telephone call for comment by press time.
The 457 plan has 21 investment options; the 401(a) plan has 17, including a series of T. Rowe Price target-date funds under one investment option.