University of Dayton, Dayton, Ohio, overhauled its investment options lineup after consolidating both it 403(b) plans to TIAA-CREF as its single record keeper, said Troy Washington, vice president for human resources, in an email.
The changes are effective April 25. Currently, the Tax-Deferred Annuity Plan has Fidelity Investments, Lincoln Financial Group and TIAA-CREF as record keepers, and the Defined Contribution Retirement Plan already has TIAA-CREF as a single record keeper. Mr. Washington said a search process took place last year to move to a single record keeper to lower participant fees and consolidate the fund lineup. Fidelity was a part of that process, he said.
Both plans now have the same investment options lineup. The new lineup has 29 investment options, a target-date fund series managed by TIAA's Nuveen and a self-directed brokerage account. New to the plans are: a global fixed-income fund managed by AllianceBernstein; a global equity fund managed by Capital Group; active domestic large-cap equity funds managed by MML Investment Advisers and T. Rowe Price Group; passive domestic large-cap and midcap equity funds managed by Vanguard Group; an active domestic midcap equity fund managed by Carillon Tower Advisers; and an active domestic small-cap equity fund managed by Janus Henderson Investors.
The two plans had a combined $709 million in assets as of Dec. 31.