Oklahoma Public Employees Retirement System, Oklahoma City, finalized the investment lineup for its new defined contribution plans, said Joseph A. Fox, executive director, in an e-mail.
The new 401(a) and 457(b) plan will replace OPERS’ defined benefit plan for most state employees hired on or after Nov. 1, 2015. All employer contributions and the mandatory 3% minimum employee contributions will be deposited into the new 401(a) plan. Remaining voluntary contributions and deferrals will be placed in the new 457(b) plan.
The new lineup will consist of 15 investment options in addition to a series of Vanguard Group target-date funds. Eleven of the options are also currently offered under OPERS’ existing 457 and 401(a) plans, which have $894.3 million in assets combined.
The options that are only available for the two new plans are a Vanguard balanced index fund, and three Mellon Capital Management index funds — two stock and one bond.
T. Rowe Price, American Century Investments, BlackRock, Artisan Partners Asset Management, Columbia Threadneedle Investments, Perkins Investment Management and American Funds manage options that are available across the four plans.
In addition to its defined contribution plans, OPERS oversees an $8.7 billion defined benefit plan for public employees and a $301 million defined benefit plan for judges.