Stetson University, Deland, Fla., overhauled the investment options lineup of its 403(b) plan, said materials posted on the plan's website.
The changes were made to provide participants with a more “diversified retirement portfolio,” a brochure posted on the website said.
An RFP was released earlier in the year for a record keeper, and incumbent TIAA-CREF had been rehired. The previous lineup consisted primarily of TIAA-CREF funds.
The new lineup includes three fixed-income funds, two of which are new to the plan: the Metropolitan West Total Return Bond fund, managed by Metropolitan West Asset Management, and Vanguard Group's Total Bond Market Index fund.
The lineup now includes 14 equity funds, six of which are new. Three come from Vanguard Group — a domestic midcap equity index fund, a REIT index fund and the Total Stock Market Index fund. Also new are the American Funds New Perspective Fund, a global stock fund; a domestic value equity fund managed by Delaware Investments; and an international equity fund managed by Transamerica Asset Management and subadvised by Thompson, Siegel & Walmsley.
All the new funds replace TIAA-CREF funds.
The lineup also features a TIAA-CREF annuity option, money market fund, lifecycle series and variable real estate annuity, which were all previously available in the plan.
As of Dec. 31, the Stetson University Defined Contribution Plan had $156 million in assets, according to the university's most recent Form 5500 filing.
University spokeswoman Janie Graziani did not return a phone call by press time.