Howard Hughes Medical Institute, Chevy Chase, Md., hired TIAA-CREF as sole record keeper for its two defined contribution plans, according to an announcement on its retirement plans' website.
Currently, TIAA-CREF and Vanguard both serve as record keepers, but TIAA-CREF will provide all services and offer a more streamlined investment lineup, effective Dec. 16, according to the announcement.
The current lineup has 74 investment options, including 64 on the Vanguard platform. However, TIAA-CREF will offer Vanguard target-date funds on its platform, according to the announcement. Target-date funds are not currently offered. The number of investment options in the new lineup could not be learned.
The two 403(b) plans had a combined $753 million in assets, as of Dec. 31, 2011, according to the most recent Form 5500 filings.
Kathy Wyszynski, vice president for human resources, did not return a telephone call by press time.