Gonzaga University hired TIAA-CREF as sole record keeper of its 403(b) plan, effective in December, according to a transition guide on the plan's website.
Previously, the plan had two record keepers — TIAA and Fidelity Investments.
Moving to a sole record keeper will result in "enhanced service levels, greater administrative efficiency" and lower fees, according to an announcement on the Spokane, Wash.-based university's website.
In conjunction with the record-keeper change, the university is overhauling the plan's investment lineup.
The new lineup will consist of 25 stand-alone options, 14 of which are new to the plan, in addition to the TIAA Lifecycle Index target-date series.
The new stand-alone investment options consist of eight Vanguard Group funds, a Nuveen stable value fund, J.P. Morgan Asset Management's small-cap value equity fund, Western Asset Management Co.'s core-plus bond fund, MassMutual's select midcap growth equity fund, MFS Investment Management's total return fund, and Capital Group's American Funds AMCAP large-cap growth fund.
Eleven investment options are being retained — American Funds EuroPacific growth equity fund, Neuberger Berman's socially responsible fund, four Nuveen funds and five CREF annuity options.
A total of 25 options are being removed — 12 Fidelity funds, four Nuveen funds, Allianz Global Investors' small-cap value equity fund, American Century Investments' government bond fund, Baron Capital Group's Baron Asset Fund, Pacific Investment Management Co.'s Real Return Asset Fund, T. Rowe Price Group's Equity Income Fund, Deutsche Asset Management's global small-cap equity fund, Voya Investment Management's Stabilizer fund, and Fidelity's target-date series and the TIAA lifecycle active target-date series.
Additionally, five existing CREF annuity funds will be closed to new contributions.
As of Dec. 31, the 403(b) plan had $276 million in assets, according to its most recent Form 5500.
A human resources official could not immediately be reached for additional information.
