Hofstra University, Hempstead, N.Y., hired TIAA-CREF as sole record keeper for its 403(b) plan, according to a transition guide posted on the retirement plan's website.
TIAA-CREF was previously a record keeper for the plan alongside VALIC, Fidelity Investments, T. Rowe Price and Vanguard Group. The university made the change to “reflect today's best practices,” according to transition materials.
An entire new investment fund lineup will be rolled out on Wednesday for TIAA-CREF participants. There is a blackout period from Nov. 25 until the week of Dec. 16 for participants with the other providers.
The plan had hundreds of investment options that are now reduced to 18 stand-alone investment funds, three annuity options and a series of Vanguard target-date funds.
The new options include four passive Vanguard funds — U.S. large-cap equity, smidcap equity, international equity and short-term intermediate bond; and core-plus bond, unconstrained bond and multiasset strategies managed by Pacific Investment Management Co. Vanguard also will manage a TIPS strategy and Federated Investors, capital preservation.
New equity managers consist of CRM Funds, Delaware Investments, Dreyfus, MFS Investment Management, Parametric Portfolio Associates, TIAA-CREF and Wasatch Advisors. There is also a Morgan Stanley Investment Management real estate fund.
The plan had about $579 million in assets as of Dec. 31, according to the most recent Form 5500 filing.
Evelyn Miller-Suber, Hofstra's director of human resources, did not return a telephone call by press time for additional information.