Lake Oswego, Ore., hired ICMA-RC as bundled provider for its 457 plan, confirmed Megan Phelan, city human resources director.
ICMA-RC was previously a provider along with Nationwide Retirement Solutions, ING U.S. Retirement Services and the state-run Oregon Savings Growth Plan, a 457(b) plan operated by the $61.1 billion Oregon Public Employees Retirement Fund, Salem.
The city was looking to consolidate providers and investment options for the $14 million plan while reducing fees. The new fund lineup will have 18 investment options in addition to target-date funds, down from more than 100 options under the previous structure.
As part of the transition, four investment options were added — Templeton Global Bond, First Eagle Overseas, Oppenheimer Developing Markets and Vanguard Small Cap Index funds.
There is a blackout period for participants, July 3-12.