Arizona University System, Tucson, is overhauling the investment option lineup of its $617 million 403(b) plan, according to a transition guide posted on the plan's website.
The changes are effective July 1 and come following the hiring of Fidelity Investments as the plan's primary fund provider, with TIAA-CREF as the annuity option provider, in March. Previously, the plan had three providers, Fidelity, TIAA-CREF and VALIC, each providing full investment option lineups.
The new investment option lineup consists of 14 investment options, four of which are new to the plan, the GMO International Equity Allocation Series Fund, and three Vanguard Group funds: Extended Market Index Fund, Total Bond Market Index Fund and Total International Stock Index Fund.
There is also a target-date fund lineup managed by T. Rowe Price that was previously offered by VALIC, as well as three annuity options from TIAA-CREF: its real estate account, stock account and traditional annuity account.
The plan is removing a total of 153 investment options previously provided by Fidelity, TIAA-CREF and VALIC, along with the Fidelity's target-date fund series and TIAA-CREF lifecycle fund series.
Kevin Salcido, vice president, human resources, and chief human resources officer, did not return phone calls by press time.
