Oklahoma State University System, Stillwater, selected TIAA-CREF as sole provider for its defined contribution plans, said a letter to plan participants from the university system.
The system oversees two 403(b), two 401(a) and one 457(b). One of the 403(b) plans is closed to new participants.The plans had about $700 million in assets as of June 2012, the most recent information available.
Previously, the system used 10 providers: TIAA-CREF, American Century, Aspire Financial Services, AXA Equitable, Life Insurance Company of the Southwest, MetLife, Modern Woodmen of America, Oklahoma Teachers' Retirement System/Voya, Security Benefit Life and VALIC.
TIAA-CREF was chosen as the plans' sole provider based on the “enhanced services” and value it provides, the letter indicated.
Effective Jan. 1, all future contributions will be directed to TIAA-CREF.
As a result of the changes, a new fund lineup will be offered, starting Nov. 5, according to a transition guide posted on TIAA-CREF's website for the plans.
The new lineup will consist of 22 individual fund offerings, along with a series of TIAA-CREF target-date funds and a self-directed brokerage option.
Existing options that will remain part of the lineup include TIAA-CREF's target-date fund series; five TIAA-CREF annuity options and an international equity index fund; two of Capital Group's American Fund offerings; and a Dimensional Fund Advisors U.S. microcap fund.
New additions to the lineup include five Vanguard Group index funds — four equity and one fixed income; a TIAA-CREF fixed-income fund and emerging markets equity index fund; J.P. Morgan Asset Management's Limited Duration Bond fund; Metropolitan West Asset Management's Total Return Bond fund; BlackRock's High-Yield Bond fund; Franklin Templeton Investments' Global Bond fund; T. Rowe Price's Blue Chip Growth fund; and Capital Group's American Funds New World fund.
Funds that will no longer be offered include 13 TIAA-CREF mutual funds and five TIAA-CREF annuity options, two Dimensional Fund Advisors equity funds and a core bond fund from Western Asset Management.
Current balances and future contributions directed to the above funds will be mapped to one of the funds in the new lineup.
Calls to the university system's human resources department were referred to the communications department. Spokeswoman Carrie Hulsey-Greene could not immediately provide additional information by press time.
