Palm Beach (Fla.) Retirement System overhauled the investment options lineup of its defined contribution plans, said William Hanes, retirement administrator.
The retirement system added four investment options managed by Vanguard Group: domestic small-cap core, midcap core and large-cap core equity index funds and an international equity index fund. The retirement system also added a global equity fund managed by Franklin Templeton Investments, and a Vanguard Group target-date fund series.
The retirement system is removing 19 VantageTrust funds along with the Dreyfus Cash Management fund.
Ten VantageTrust funds remain, along with a domestic midcap growth equity fund managed by TimesSquare Capital Management, and a domestic small-cap growth equity fund managed by OppenheimerFunds.
The changes give the plans a total of 17 investment options plus the target-date fund series. ICMA-RC is the record keeper.
As of Dec. 31, the town's 457 plan had $22 million in assets and seven other DC plans had a combined $17 million in assets. A 401(a) plan, begun in May 2012 when the original defined benefit plan was frozen, had $2 million in assets.
