Cornell University, Ithaca, N.Y., made changes to the investment lineup of its $4 billion 403(b) defined contribution plan, said Paul Bursic, director of benefits at Cornell.
Effective Oct. 1, the plan will make 11 new target-date funds managed by TIAA-CREF available to participants, bringing the total number to 22. In addition, the plan will also make the following fixed-income strategies available to invest in beginning in October: BlackRock Long Duration Bond I; Federated Short-Term Income Institutional, managed by Federated Investors; PIMCO Total Return Fund Institutional, managed by Pacific Investment Management Co.; and Vanguard Total Bond Market Index Fund Institutional, managed by Vanguard Group.
The plan will also add the following new equity strategies in October: Eagle Mid-Cap Growth R6, managed by Eagle Asset Management; Goldman Sachs Small-Cap Value Fund Institutional Class, managed by Goldman Sachs Asset Management; John Hancock 3 Disciplined Value Mid-Cap R6; MFS International Value R5 and MFS Value R5, both managed by MFS Investment Management; Prudential Jennison Small Company Q, and four equity funds managed by Vanguard Group.
The plan has also created a self-directed brokerage account, which will enable participants to invest among thousands of mutual funds.
TIAA-CREF and Fidelity are the service providers. Each investment menu platform will offer the new investment options in addition to several proprietary funds remaining in the lineup.
New participants will be defaulted into target-date funds.
