Kansas Board of Regents, Topeka, approved three changes to the investment lineup for its $4 billion 403(b) mandatory retirement plan, spokesman Matt Keith confirmed.
The board agreed to replace Voya Investment Management's governmental money market fund with Vanguard Group's treasury money market fund due to Voya's high expense ratio and Vanguard's better performance, according to the agenda for the May 16 board meeting.
It also agreed to swap out State Street Global Advisors' S&P 500 fund with Vanguard's institutional index fund due to the lower cost.
Finally, it will replace Voya's real estate fund with Vanguard's real estate index institutional fund "due to consistent underperformance of the Voya real estate fund," the agenda said.
Voya spokesman Kristopher Kagel declined to comment.
TIAA-CREF is the plan's other investment provider. The board made no changes to TIAA's investment lineup.
The board approved the investment lineup changes at its May 16 meeting. The changes go into effect July 5.
The board of regents is the governing board for six state universities in Kansas and the coordinating board for several other higher education institutions, including community colleges and technical colleges, among others.