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July 23, 2014 01:00 AM

Kentucky Deferred Comp shifts equity fund focus

Meaghan Offerman
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    Kentucky Public Employees’ Deferred Compensation Authority, Frankfort, is making changes to the investment lineup of its 457(b) and 401(k) plans, effective Aug. 18, said Chris Helvey, spokesman.

    The plans have a total of $2.5 billion in assets.

    The authority is dropping the American Century Small Cap Value Fund and Prudential Jennison Small Company Fund; assets in those funds will be moved into the AMG GW&K Small-Cap Equity Fund, an existing option. As of March 31, the funds had $39 million, $10 million, and $7 million in assets from the Kentucky plans, respectively.

    Also being dropped is the AllianzGI Dividend Value option; assets will be moved into the Victory Diversified Stock Fund option. As of March 31, the funds had $59 million and $66 million in Kentucky retirement plan assets, respectively.

    The board wanted to shift to a core investment strategy, said Mr. Helvey.

    The board also approved share-class changes for the Franklin High Income Fund and Vanguard Inflation Protected Securities Fund. The Franklin option will shift to R6 shares from adviser shares and Vanguard, to institutional shares from Admiral shares.

    The changes will result in a fee reduction to 0.49% from 0.62% for the Franklin fund and 0.07% from 0.1% for the Vanguard fund.

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