Searches and Hires

Rhode Island swaps out TIAA-CREF funds in DC plan lineups

Rhode Island State Investment Commission, Providence, changed two investment options for its $585 million 401(a) plan and $335 million 457(b) deferred compensation plan, while removing one option from the 401(a) plan, said Evan England, spokesman for state Treasurer Seth Magaziner.

At its investment meeting on Wednesday, the commission decided to replace the TIAA-CREF Social Choice Equity Fund with the Vanguard FTSE Social Index Fund, managed by Vanguard Group. It also agreed to swap out the TIAA-CREF International Equity Index Fund with the Schwab International Index Fund managed by Charles Schwab Investment Management. The changes are for both the 401(a) and 457(b) plans.

Meanwhile, for its 401(a) plan, the commission decided to remove the TIAA Real Estate Fund. Mr. England said this was done because it was "more specific than the other investment choices," and the commission believed the plan offered "adequate diversity without it."

TIAA is the provider of the two DC plans.

The investment commission also manages the assets of the $8.4 billion Rhode Island Employees' Retirement System, Providence.