Rochester Institute of Technology, Rochester, N.Y., is overhauling the investment lineups of its 403(b) plan, according to a brochure for participants on the retirement plan's website.
The Fidelity lineup is adding PGIM Fixed Income's Total Return Bond fund, which replaces similar funds managed by Pacific Investment Management Co. and Vanguard Group; active domestic large-cap value and small-cap value funds managed by MFS Investment Management, which replace respective similar funds managed by T. Rowe Price Group and Royce & Associates; and an ESG index fund managed by Vanguard Group, which replaces a similar fund managed by Calvert Research and Management.
The lineup is also adding active domestic small-cap growth and domestic midcap growth funds managed by Carillon Tower Advisors. The former replaces a similar fund managed by Lord Abbett & Co. and the latter is a new strategy for the lineup. Also representing new strategies for the lineup are an active domestic midcap value equity fund managed by J.P. Morgan Asset Management (JPM) and an active international large-cap growth equity fund managed by Capital Group.
For the TIAA-CREF lineup, the plan is adding four passive equity funds managed by Vanguard Group. The Vanguard Institutional Index Fund, Extended Market Index fund and Total International Stock Index fund replace the CREF Stock Fund and the Vanguard Federal Money Market fund replaces the CREF Money Market fund. The lineup is also adding a passive domestic fixed income fund managed by Vanguard Group, which the brochure says is a new strategy for the lineup.
Investment consultant CAPTRUST Financial Advisors assisted.
As of Dec. 31, the Rochester Institute of Technology Retirement Savings Plan had $1.1 billion in assets, according to its most recent Form 5500 filing.
Renee Brownstein, associate director, human resources benefits, could not be immediately reached to provide further information.