University of Oklahoma, Norman, is adding the American Funds series of target-date funds to the investment lineup of its 401(a), 403(b) and 457(b) plans, effective Aug. 6, said Chris Kuwitzky, chief financial officer and associate vice president for administration and finance, in an e-mail.
The plans had a total of $702.8 million in assets as of March 31.
Capital Group's American Funds will replace the Fidelity Freedom Funds as the target-date fund option for the retirement plans. However, the Fidelity Freedom Funds will remain an option through the plans' self-directed brokerage link. Fidelity Investments will stay on as the plan's record keeper, wrote Mr. Kuwitzky. The Fidelity target-date funds had a total of $435.9 million in university assets as of March 31.
The change is taking place because of personnel changes at Fidelity, investment restructuring within the funds and the funds' poor performance in comparison to peers, the university's website said.
The university regularly reviews the performance and management of its investment options, wrote Mr. Kuwitzky.
MeeJin Annan-Brady, spokeswoman for Fidelity, declined to comment on the switch.
Target-date funds are the default option for the plans.