Montgomery County Employees’ Retirement System, Rockville, Md., hired State Street Global Advisors to manage target-date funds for two defined contribution plans.
The county’s 401(a) Retirement Savings Plan, which includes the Police Deferred Retirement Savings Plan, had used target-date funds run by Fidelity Investments. The plan had $236 million in assets as of June 30, 2013, the most recent data available. In addition to the 13 Fidelity target-date funds, the plan offered 17 other options, which remain unchanged.
The county’s 457 deferred compensation plan, with $304 million as of June 30, 2013, had been using BlackRock’s LifePath Funds. The plan offers 22 options, including the five BlackRock target-date funds. The other 17 options remain unchanged.
The changes take effect Wednesday. SSgA was chosen “due to its experience in managing diversified, passive investments across various asset classes,” according to the Montgomery County board of investment trustees’ website.
Calls to the retirement system were not returned by press time.
Fidelity Freedom K Funds will continue to be available to participants through a self-directed brokerage account option.