Nova Southeastern University, Fort Lauderdale, Fla., overhauled the investment options lineup for its 403(b) and 401(k) plans, said participant materials on the plans’ website.
The plans have identical investment options lineups administered by record keepers TIAA-CREF and VALIC. The changes were effective May 3.
The TIAA lineup previously consisted mostly of TIAA-CREF funds, all of which are being frozen or eliminated and mapped to new options. Also being eliminated are the American Funds Washington Mutual Investors Fund and Western Asset Management’s core-plus bond fund.
The new options in the TIAA lineup are Eagle Asset Management’s domestic small-cap growth equity fund; Harbor Capital Advisors’ Appreciation Fund, a domestic large-cap growth equity fund; John Hancock Advisers’ disciplined value fund, a domestic large-cap value equity fund; MML Investors Services’ domestic midcap growth equity fund; MFS Investment Management’s domestic midcap value equity fund; and Vanguard Group’s S&P 500 index fund and total international stock index fund.
The VALIC lineup added four Vanguard Group index funds. The S&P 500 index fund replaces Columbia Threadneedle Investments’ domestic large-cap equity index fund; the small-cap index and midcap index funds replace similar funds managed by Dreyfus Corp.; and the federal money market fund replaces American Century Investments’ premium money market fund.
The VALIC lineup also added John Hancock Advisers’ disciplined value fund to replace Neuberger Berman’s equity income fund.
Participants in the eliminated funds are being mapped to the new funds.
Diane Emery, managing director, total rewards, could not be reached to provide further information by press time.
The 403(b) plan had $479 million in assets, and the 401(k) plan had $108 million in assets as of Dec. 31, 2014, according to the university’s most recent Form 5500 filings.
