Robert Morris University, Moon Township, Pa., hired Transamerica as bundled provider for its 403(b) plan, confirmed Peter Faix, vice president of human resources at the university.
Transamerica replaces Fidelity Investments, TIAA-CREF and VALIC, and serves as sole provider for the $105 million 403(b) plan.
The university decided to hire Transamerica to enable “better monitoring of investment performance, costs, fees (and) access to more funds,” as well as reducing the number of overall investment options, Mr. Faix said in an e-mail.
The new investment lineup has 22 options in addition to a series of target-date funds, compared to 150 investment options under the previous structure.
Investment consultant Henderson Brothers Retirement Plan Services assisted.
