Nevada Public Employees' Deferred Compensation Program, Carson City, is consolidating some investment options in an effort to simplify the fund lineup, said recently released deferred compensation committee minutes.
The $742 million 457 plan, which has three active domestic large-cap growth equity funds, will remove The Growth Fund of America managed by Capital Group's American Funds and Fidelity Investments' Contrafund, and move assets into the existing T. Rowe Price Growth Stock Fund at the lowest price share class.
The plan also will eliminate the balanced category, which consists of the Invesco Van Kampen Equity and Income Fund and the Voya T. Rowe Price Capital Appreciation Portfolio, and move those assets into the "age appropriate target-date funds," the minutes show. The plan's target-date fund lineup is managed by Vanguard Group.
Also, within the domestic large-cap value equity category, the plan will eliminate Parnassus Investments' Core Equity Fund, an actively managed fund, and move the assets into the existing Vanguard Institutional Index Fund.
The changes will leave the plan with 13 individual investment options along with the Vanguard target-date fund lineup.
Investment consultant Segal Marco Advisors assisted.
Rob Boehmer, program coordinator, did not return phone calls seeking further information by press time.
