LCMC Health, New Orleans, hired Fidelity Investments as record keeper of its 403(b) plan, said materials posted on the plan's website.
Fidelity replaced TIAA-CREF on July 1. A reason for the change was not given. A blackout period for plan participants began at 3 p.m. CDT on July 21 and ends the week of Aug. 14.
As part of the change, the health system is overhauling its investment options lineup. A target-date fund lineup managed by Vanguard Group is replacing the target-date fund lineup managed by Wells Fargo.
There are three new investment options, all index funds managed by Vanguard: the Total Bond Market Index Fund, the 500 Index Fund, and the Total World Stock Index Fund.
Investment options being dropped are a domestic midcap equity fund managed by Artisan Partners, a domestic value and domestic midcap value fund managed by John Hancock Funds, a domestic large-cap growth equity fund managed by Pioneer Investments, all of which are mapping to the Vanguard 500 Index Fund; a domestic small-cap growth equity fund managed by Principal Global Investors and a domestic small-cap core equity fund managed by Victory Capital Management, both of which are mapping to the Vanguard Small Capitalization Index Fund, which is currently already in the lineup; and two funds managed by Capital Group, an international equity fund mapping to the Vanguard International Stock Index Fund, which is already in the lineup, and a global equity fund mapping to the Vanguard Total World Stock Index Fund.
The new lineup consists of 11 investment options and the target-date fund lineup.
An asset size for the 403(b) plan could not be learned by press time.
Health system spokeswoman Nicole O'Malley Marinello did not return a phone call by press time.
