Villanova University, Villanova, Pa., hired TIAA-CREF as sole record keeper of its 403(b) plan, said a posting on the plan’s website.
The change is effective Oct. 15. TIAA-CREF currently is one of two record keepers for the plan, along with Vanguard Group.
As a result, the TIAA-CREF Lifecycle Index Funds will be closed during the week of Oct. 20, and participants in those funds will be mapped to the Vanguard Target Retirement Funds lineup. No changes are expected in the other 32 investment options now offered, according to a newsletter to participants.
The Villanova University Retirement Savings Plan had $473 million in assets as of Dec. 31, 2012, according to the university’s most recent Form 5500 filing.
A phone call to Mary Beth Green, senior benefits analyst, was referred to Jonathan Gust, university spokesman, who could not provide further information by press time. Phone calls to Bev Das, director of HRIS, compensation and employment, and Raymond Duffy, director of benefits and wellness, were not returned by press time.