Rochester Regional Health, Rochester, N.Y., hired Fidelity Investments as sole record keeper of three 403(b) plans and two 401(k) plans, according to a brochure posted on the health system's website.
Fidelity replaces Transamerica Retirement Solutions and VALIC, which were record keepers of the Unity Health System 401(k) Plan and Unity Health System TSA 403(b) Plan; BPAS, which was the record keeper of the United Memorial Medical Center 403(b) Retirement Plan; MetLife, which was the record keeper of the Rochester General Health System 403(b) Plan; and Genesee Valley Trust, which was the record keeper of the Clifton Springs Hospital and Clinic Retirement Savings Plan.
The change is effective July 1. The plans will share a new investment option lineup featuring three tiers:
- a target-date fund lineup managed by Vanguard Group;
- passive core options, featuring three index funds managed by Fidelity and a domestic fixed-income index fund managed by Vanguard; and
- active core options, featuring a domestic midcap growth equity fund managed by Eaton Vance Management; a domestic large-cap core equity fund managed by Hartford Funds; a domestic large-cap growth equity fund managed by J.P. Morgan Asset Management; and a domestic intermediate-term fixed-income fund managed by PGIM Fixed Income; and a money market fund managed by Vanguard.
Information on previous investment options or asset sizes for the plans was not available. Veronica R. Chiesi Brown, spokeswoman, could not immediately provide further information.