Sonoma County, Calif., made several changes to the investment lineup of its 457 and 401(a) plans, which have about $350 million in assets combined, said Paul Cocking, an investment and debt officer for the county.
The new lineups, effective Tuesday, feature 21 investment options, four of which are new to the plan, along with Capital Group's American Funds target-date series, which is also new.
The new core options are three Vanguard Group index funds covering developed markets, domestic midcap and small-cap equities, and the Parnassus Core Equity Fund, managed by Parnassus Investments.
Share classes for some of the 17 maintained investment options are also changing.
Some 13 options are being removed from the plan, in addition to five Nationwide risk-based asset allocation funds and a Nationwide target-date series.
Reducing and simplifying the fee structure and simplifying participants' investment decision-making were the reasons for the changes, Mr. Cocking said.
Nationwide Retirement Solutions remains the plans' record keeper.