Louisiana State University, Baton Rouge, is overhauling the investment lineup of its $580 million LSU 403(b) Supplemental Retirement Plan after dropping two of its five record keepers, said Ernie Ballard III, LSU spokesman, in an email.
MetLife and Voya Financial were removed as record keepers as of Sept. 1, leaving Fidelity Investments, TIAA-CREF and VALIC as the remaining record keepers. The change was the result of an RFP process to simplify investment offerings and lower record-keeping and investment costs, Mr. Ballard said. MetLife and Voya were included in the process, he said.
Effective Sept. 4, the plan added a target-date fund lineup managed by Vanguard Group to the lineups of all three record keepers. While the investment options among the three record keepers are not identical, certain ones are common, and some options offered by one or two vendors have been added to other lineups.
The investment options completely new to the plan are: the iShares U.S. Aggregate Bond Index Fund managed by BlackRock (BLK); Fidelity 500 Index Fund, Fidelity Small Cap Index Fund and Fidelity Mid Cap Index Fund, all managed by Fidelity Investments; and Vanguard Group's Equity-Income Fund, International Value Fund, U.S. Growth Fund and Total International Stock Index Fund.
The Fidelity lineup has 14 investment options, the TIAA lineup has 15 and the VALIC lineup has 14 options. A list of investment options removed from the three vendors was not provided.