University of California, Oakland, is removing the Dreyfus Treasury Prime Cash Management Fund from the lineup of its 403(b), 457(b) and 401(a) plans, effective Sept. 30, said William Ryan, director of client relations services in the office of the chief investment officer of the regents.
The Dreyfus fund, which has about $25 million in participant assets, is being removed due to low participation and the current low-interest-rate environment, Mr. Ryan said.
Participants’ assets will be transferred to the UC Savings Fund, an internally managed fund that invests in short-term U.S. government securities.
Separately, the default option for new participants is changing to the age-appropriate UC Pathways Fund, the plans’ target-date series, from the UC Savings Fund, effective Sept. 30.
The 403(b), 457(b) and 401(a) plans have a total of about $20 billion in assets.