University of Colorado System, Denver, hired TIAA-CREF as sole record keeper for its 401(a) and 403(b) plans, spokesman Ken McConnellogue said in an e-mail.
The consolidation, which will take effect in July, will “streamline plan logistics and help the university satisfy fiduciary responsibilities,” said a joint news release from TIAA-CREF and the university system. The plans have more than $3.3 billion in assets combined.
An RFP for a sole record keeper was issued last year.
New investment menus will be launched for each of the plans, consisting of 18 or 19 core investment options, and a Vanguard Group target-date fund series and brokerage window in each plan. Roughly 800 options are currently offered across the two plans.
The core investment options available under both plans are:
- A Dodge & Cox large-cap value fund and an international value equity fund;
- Harbor Capital Appreciation, a large-cap core fund managed by Harbor Funds;
- BlackRock Midcap Opportunities Fund;
- Artisan Midcap Fund, managed by Artisan Partners;
- DFA Small-Cap Value Fund, managed by Dimensional Fund Advisors;
- American Funds EuroPacific Growth;
- Morgan Stanley Global Real Estate Fund, managed by Morgan Stanley Investment Management;
- TIAA-CREF Social-Choice Equity Fund; and
- MetWest Total Return Bond Fund, an active core fixed-income fund managed by Metropolitan West Asset Management.
Funds that will be available only under the 401(a) plan are:
- Five BlackRock equity index collective investment trusts and one fixed-income index CIT;
- Vanguard Prime Money Market Fund;
- Wells Fargo Stable Value CIT; and
- TIAA Traditional Retirement Choice.
Funds that will be available only under the 403(b) plan are:
- Four Vanguard index equity funds and one bond index fund;
- Voya Small-Cap Opportunities, managed by Voya Investment Management;
- A money market fund to be determined; and
- TIAA Traditional Retirement Choice Plus.
It could not immediately be learned whether any of the above options is currently available under the legacy 401(a) and 403(b) plans.
Consultant Innovest Portfolio Solutions assisted with changes.