Eastern Virginia Medical School, Norfolk, is rolling out a new investment lineup under a sole provider for its 401(a), 403(b) and 457 plans on April 1, according to the school’s retirement website.
TIAA-CREF will take over as the sole provider. MetLife will be dropped from the plans on April 1. The changes were made to “reflect industry best practices,” according to transition materials.
The new investment lineup will consist of 14 stand-alone investment options as well as first-time additions of target-date funds and a brokerage account option. Nine of the options are new; the other five are carryover proprietary TIAA-CREF funds.
The new options are Pacific Investment Management Co.’s Total Return Fund and equity strategies managed by American Funds, Columbia Management, Goldman Sachs Asset Management, Harbor Funds, John Hancock Investments, MFS Investment Management, Prudential Jennison and Vanguard Group.
Investment consultant CAPTRUST Financial Advisors assisted with creating the new investment lineup. The plans have about $193 million in assets.
A phone call to Matthew R. Schenk, director of human resources, was not returned by press time.
