Montefiore Medical Center, New York, hired Fidelity Investments as record keeper of its new combined 403(b) plan, said a brochure on the plans' website.
Fidelity will replace Principal Financial Group effective Jan. 2, 2018. The brochure also said the medical center will be combining the two existing tax-deferred annuity plans.
As of Dec. 31, the Montefiore Medical Center Voluntary Tax Deferred Annuity Plan had $1.6 billion in assets and the Montefiore Medical Center Tax Deferred Annuity Plan had $797 million in assets, according to the medical center's most recent Form 5500 filings.
A blackout period for participants begins at 4 p.m. EST on Dec. 20 and will end during the week of Jan. 19, 2018.
The plan will also add a target-date fund lineup managed by BlackRock, which will replace the current lineup managed by Principal Global Investors; a stable value fund managed by MetLife, replacing a similar fund managed by Principal; and a high-yield fund managed by PGIM Fixed Income, which will replace a similar fund managed by TIAA-CREF. The plan will also add the Vanguard Developed Markets Index Admiral Fund, which will replace the Vanguard Total International Stock Index Admiral Fund. The plan has 12 other investment options that will remain unchanged, aside from some share class changes.
Paul Keller, vice president, human resources and total rewards, was not available to provide further information by press time.