Nevada System of Higher Education, Reno, hired TIAA-CREF as sole record keeper for three 403(b) plans and one 401(a) plan, confirmed Michelle Kelley, project manager and benefits manager at University of Nevada, Reno, who oversaw the search.
An RFP was issued in May due to the pending expiration of the contracts of current providers Fidelity Investments, TIAA-CREF and VALIC on Dec. 31.
TIAA-CREF's new contract begins Jan. 1. Other finalists were Fidelity and Transamerica Retirement Solutions.
When TIAA-CREF's contract begins, the system will introduce a new investment option lineup for the plans, which currently have a total of 287 options across the three current vendors' lineups.
The new lineup will consist of four tiers: asset allocation funds, core funds, specialty funds and a self-directed brokerage window. All the funds are new to the plans except for the TIAA Traditional stable value fund.
The asset allocation tier will consist of a Vanguard Group target-date fund lineup.
The core tier will consist of the Dodge & Cox Global Stock fund; PIMCO Total Return fund; and a money market fund, domestic fixed-income fund, domestic equity fund and international equity fund managed by Vanguard.
The specialty fund tier will consist of the Cohen & Steers Institutional Realty Shares fund; DFA Inflation-Protected Securities fund; DFA U.S. Targeted Value fund; Diamond Hill Large Cap fund; Harding Loevner International Equity fund; MFS International Value fund; Mondrian Institutional Emerging Markets fund; Neuberger Berman High Income Bond fund; T. Rowe Price Institutional Large Cap Growth fund; William Blair Small/Mid Cap Growth fund; and a domestic large-cap equity index fund, domestic small/mid cap equity index fund, developed markets equity fund and emerging markets equity fund managed by Vanguard.
The four plans have combined assets of $1.9 billion.
Investment consultant Hewitt EnnisKnupp assisted.
