San Bernardino County, Calif., is consolidating the lineups of its defined contribution plans, said a letter to plan participants on the county's human resources website.
The changes, recommended by the county's defined contribution committee and investment consultant will simplify participants' investment choices and lower fees, the letter said.
The new lineups will consist of 17 core investment options, in addition to a series of Vanguard Group target-date funds and a directed brokerage account, all previously offered with exception of the Vanguard International Total Stock Market Index Fund. Voya Financial is the provider.
Funds that will be removed from the lineup effective May 1 are:
- MainStay ICAP Select Equity, managed by MainStay Investments;
- Two Columbia Threadneedle Investments funds — Diversified Equity Income and Small/Midcap Value;
- Parnassus Core Equity Fund, managed by Parnassus Investments;
- TIAA-CREF Growth & Income Fund;
- Wells Fargo Advantage Growth Fund;
- Fidelity Advisor Leveraged Company Stock Fund, managed by Fidelity Investments;
- Voya Midcap Opportunities Fund, managed by Voya Financial;
- Perkins Small-Cap Value, managed by Perkins Investment Management;
- Loomis Sayles Small Cap Growth Fund;
- DFA International Small Company, managed by Dimensional Fund Advisors;
- Oppenheimer International Growth, managed by OppenheimerFunds; and
- American Funds Income Fund of America.
An official in the human resources department could not be reached for additional information by press time.
The four DC plans — 401(a), 401(k), 457(b) and PAS deferred compensation, as well as a retirement medical trust fund — have about $779 million in assets combined. A breakout was not available.