University Hospitals Health System, Cleveland, is rolling out an entire new investment lineup for its 401(k) and 403(b) plans on Sept. 10, according to announcements on its retirement plans’ website.
The previous lineup had well over 100 investment options, mainly fund options from its provider, FidelityInvestments. The new lineup will have 13 standalone options and a series of target-date funds. As part of the change, the Fidelity Freedom Funds will be replaced by Vanguard Target Retirement Funds.
According to fact sheets from University Hospitals, the lineup changes were made to provide lower costs and greater fee transparency.
The additional new fund options include a global equity, international growth equity, domestic large-cap blend and money market funds managed by Vanguard; total-return bond and hybrid funds managed by Pacific Investment Management Co.; large-cap growth funds managed by T. Rowe Price and Neuberger Berman; a large-cap value option managed by American Beacon Advisors; domestic small-cap equity and emerging markets equity funds managed by Dimensional Fund Advisors; an international value fund managed by MFS Investment Management; and a long/short equity fund managed by Aberdeen Asset Management.
The 401(k) plan had $79 million in assets as of Dec. 31, 2011, and the 403(b) plan, $398 million, according to the most recent Form 5500s.
Elliott Kellman, chief human resource officer, was not available by press time.