North Dakota Public Employees Retirement System, Bismarck, added the Dimensional Fund Advisors U.S. Small Cap fund as an investment option in its $31.6 million 401(a) plan and $61 million 457 companion plan, said an announcement on the retirement system’s website.
The fund will replace the Parnassus Small Cap fund, managed by Parnassus Investments. The fund had been on watch for performance, according to the plans’ most recent quarterly report. Vidya Nathu, spokeswoman at Parnassus, could not immediately be reached for a comment. Parnassus had $118,000 in assets for the 457 plan and $100,000 for the 401(a) plan, according to the plans’ most recent quarterly report.
Sparb Collins, executive director of the retirement system, did not return a telephone call by press time.