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  2. DEFINED CONTRIBUTION
November 25, 2014 12:00 AM

Utah Retirement Systems introduces custom target-date funds

Meaghan Offerman
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    Utah Retirement Systems, Salt Lake City, will add a series of custom target-date funds to the lineup of its defined contribution plans, effective Jan. 1, 2015.

    URS administers a 401(k), 457(b), a traditional IRA and Roth IRA with about $4.5 billion in assets combined.

    The 12 target-date funds will replace the URS Horizon Funds, which are three static, risk-based asset allocation funds, said Craige Stone, director, defined contribution savings plans, at the retirement system.

    About $1.2 billion in participant assets will be mapped to the target-date funds.

    Mr. Stone said the target-date funds are being added to help participants better align their risk tolerances with their retirement time horizons.

    Participants currently have to proactively move their money among the short-, medium- and long-term Horizon Funds; allocations were not adjusted automatically.

    No existing manager will be eliminated as a result of the restructuring, Mr. Stone said. One manager was added. Prudential Real Estate Investors was hired to manage a private real estate portfolio within the target-date series, Mr. Stone said.

    Mr. Stone said the Horizon Funds managers are Ameriprise Financial, BlackRock, Dimensional Fund Advisors, Dodge & Cox, Jennison Associates, Northern Trust Asset Management, Standish Mellon Asset Management, Vermillion Asset Management and Waddell & Reed. Passive strategies are managed internally.

    The target-date funds will replace the medium Horizon Fund as the default option, Mr. Stone said.

    URS’ investment consultant, Callan Associates, assisted with the changes.

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