Baltimore City Retirement Savings & Deferred Compensation Plans hired Capital Group's American Funds as its target-date fund provider.
American Funds will replace State Street Global Advisors, according to a posting on the city's website. Details about the reason for the switch were not available. A call to the Baltimore office was not returned.
Baltimore also hired Nationwide Financial as its record keeper, replacing Empower Retirement. An RFP was issued in October.
The defined contribution plans have about $390 million in combined assets and are part of the $1.8 billion Baltimore City Employees' Retirement System.
