Florida Deferred Compensation Plan, Tallahassee, is adding five funds while dropping four others and a set of asset allocation funds, all for performance reasons, shifting a total $125.6 million on three of the five bundled investment provider platforms of the $3.3 billion 457(b) plan.
On its Nationwide platform, which oversees $1.3 billion of the plan's assets, the plan is dropping the Nationwide Destination asset allocation funds, a set of five funds with combined assets of $69.4 million. The plan intends to map the assets into existing Fidelity Freedom target-date funds, which currently have combined assets of $22.7 million.
The plan is dropping the American Century Equity Income Fund, which has $22.5 million in assets; and plans to map the assets in December to Invesco Diversified Dividend Fund, a fund the plan is adding.
Also, the plan is adding Capital Group's American Funds New World emerging markets fund and the AllianceBernstein high-income bond fund.
The plan expects to make the Destination changes in February and the others in December, said Kandi Winters, chief of the bureau of deferred compensation, state department of financial services.
On its Empower Retirement platform, which has $237 million, the plan is dropping the Dreyfus Appreciation Fund and Columbia Acorn Fund, each with $6.3 million, mapping their assets respectively to a fund the plan is adding, J.P. Morgan Asset Management's Disciplined Equity Fund, and an existing $4.9 million Prudential Jennison Mid-Cap Growth Fund.
The plan expects to make the Empower platform changes in November, Ms. Winters said.
On its Voya platform, which has $746 million, the plan is dropping the Morgan Stanley Institutional Mid Cap Growth Fund and mapping its assets to the J.P. Morgan Mid Cap Growth, a fund the plan is adding.
Voya hasn't set a date for the changes, Ms. Winters said.
The funds were dropped for performance by the plan committee in consultation with representatives of each respective platform, Ms. Winters said. The plan selected the funds it is adding by choosing from a set of fund choices presented by representatives of each platform, Ms. Winters said.
Laura Kouri, American Century spokeswoman, and Carlos Melville, Columbia Threadneedle Investments spokesman, declined to comment. Melissa Cassar, Dreyfus spokeswoman, and Matt Burkhard, Morgan Stanley spokesman, were unable to respond by press time. Nationwide media representatives couldn't be reached for comment.
