South Carolina Public Employee Benefit Authority, Columbia, approved the removal of two funds from the investment lineup for its deferred compensation program, spokeswoman Megan B. Lightle confirmed in an email.
At its meeting Wednesday, the board approved the removal of the PIMCO All Asset Fund from the program's lineup. Assets in this investment option will be transferred to State Street Global Advisors' respective target-date funds based on the participant's age.
In addition, assets in the Fidelity Investments' diversified international mutual fund will be transferred to the Fidelity's diversified international commingled pool.
The changes were made at the recommendation of the authority's investment consultant, Segal Marco Advisors.
The state's deferred compensation program has about $4.3 billion in assets.