Willamette University, Salem, Ore., added money market and stable value investment options to its 403(b) plan, confirmed Keith Grimm, director of human resources.
The plan, with about $150 million in assets, added the Fidelity Institutional Money Market Government Class I and New York Life Guaranteed Interest Account funds. The New York Life stable value option replaces the Prudential Guaranteed Interest Account. The Prudential fund had about $1.5 million in assets and was mapped to the New York Life option on April 23, Mr. Grimm said.
Mr. Grimm said Prudential's contract did not allow for a money market option to be on the same platform as its stable value fund and there had been demand from faculty members to add a money market fund. He added that the retirement plan advisory committee liked New York Life's more conservative style to managing its stable value fund.
The 403(b) plan has 22 investment options now, including five socially responsible investing options.