Prince William County, Woodbridge, Va., hired Empower Retirement as bundled provider of its $221 million 457 plan and $71 million 401(a) plan, spokesman Jason Grant confirmed.
The county issued an RFP in July. ICMA-RC was the incumbent provider; Mr. Grant did not know whether the firm rebid for the services. One primary reason for the change was significant savings on fees, he said.
The plans moved to Empower on April 5. With the transition came a complete overhaul of the plans' investment options lineup, which was previously managed by ICMA's Vantagepoint Funds.
The new investment options are American Century Mid Cap Value Fund, an active domestic midcap value equity fund managed by American Century Investments; American Funds EuroPacific Growth Fund, an active international equity fund managed by Capital Group; ClearBridge Large Cap Growth Fund, an active domestic large-cap growth equity fund managed by ClearBridge Investments; Columbia Dividend Income Fund, an active domestic large-cap value equity fund managed by Columbia Threadneedle Investments; the Dodge & Cox Income Fund, an intermediate-term fixed income fund; Hartford MidCap Fund, an active domestic midcap growth equity fund managed by Hartford Funds Management; PIMCO International Bond Fund, an international fixed-income fund, and PIMCO Real Return Fund, an inflation-protected fixed-income fund, both managed by Pacific Investment Management Co.
Also added were the Vanguard Institutional Index Fund, a passive domestic large-cap equity fund; Vanguard Mid-Cap Index Fund, a passive domestic midcap equity fund; Vanguard Small-Cap Index Fund, a passive domestic small-cap equity fund; and Vanguard Total Bond Market Index Fund, a passive fixed-income fund, all managed by Vanguard Group; Wasatch Core Growth Fund, an active domestic midcap growth equity fund managed by Wasatch Advisors; and Wells Fargo Special Small Cap Value Fund, an active domestic small-cap value equity fund managed by Wells Fargo Asset Management.
The plans also added a target-date fund lineup managed by Capital Group.
