Fort Worth, Texas, is removing the Wells Fargo Stable Value Fund from the lineup of its $161 million 457(b) plan, said a letter to participants posted on the plan’s website.
An effective date was not disclosed. The fund is being removed because “it no longer meets the established performance objectives,” the letter stated.
A spokeswoman for Galliard Capital Management, a subadviser on the Wells Fargo Stable Value Fund, declined to comment.
The fund was added in the spring following the selection of TIAA-CREF as the plan’s bundled provider.
Margaret Wise, human resources assistant director at Fort Worth, could not be reached for additional information by press time.