Baylor Scott & White Health, Dallas, hired Empower Retirement as provider of its merged defined contribution plans, said transition guides on the plans’ website.
Effective Aug. 1, Empower will administer three tax-qualified plans — two 401(k) plans and one 403(b) plan, replacing Vanguard Group and Aon Hewitt — and seven non-tax qualified plans.
“The reason for this change is to expand your investment options, give you more ways to access and manage your account, and improve your overall retirement planning experience,” according to the transition guides.
As of Aug. 1, the tax-qualified plans’ lineups will have seven Vanguard Group funds — the Federal Money Market Fund, Inflation-Protected Securities Fund, Total Bond Market Index Fund, Institutional Index Fund, PRIMECAP Fund, Extended Market Index Fund and FTSE All-World Ex-U.S. Index Fund. The plans will also feature a series of J.P. Morgan Asset Management target-date funds; Baird Advisors’ aggregate bond fund; Dodge & Cox Stock Fund; PNC Capital Advisors’ small-cap equity fund; and Capital Group’s EuroPacific Growth Fund.
The two qualified 401(k) plans will also consist of Manulife Asset Management’s strategic fixed-income fund and the 403(b) plan, John Hancock Investments’ Income Fund. The plans will also have a self-directed brokerage account available, according to the transition guide.
As of Dec. 31, 2014, the Scott & White 401(k) Retirement Plan and the Baylor 401(k) Health Care System Retirement Savings Plan, which merged to form one 401(k) plan, had approximately $851 million and $1.3 billion in assets, respectively, according to the plans’ most recent Form 5500 filings. The other standalone 401(k) plan— the Baylor Affiliated Services Retirement Savings Plan — and the 403(b) plan had $61.6 million and $392.3 million in assets, respectively, as of Dec. 31, 2014.
As of the same date, the Vanguard Inflation-Protected Securities and Institutional Index funds, and Capital Group’s EuroPacific Growth Fund were available under the Baylor 401(k) Health Care System Retirement Savings Plan. The Vanguard PRIMECAP Fund was available under the Scott & White 401(k) Retirement Plan and the 403(b) plan. Information on the previous lineup of the Baylor Affiliated Services Retirement Savings Plan could not immediately be learned.
A Baylor Scott & White spokeswoman directed inquiries to an Empower news release on the changes.
