DePaul University, Chicago, is consolidating its 403(b) plan to Fidelity Investments as its sole record keeper.
According to a memo on the university's retirement plan website, the university's investment and plan administrative committee evaluated Fidelity's ability to meet the needs of the plan's participants since closing new enrollments with other record keeper TIAA-CREF in October 2017.
The changes will be effective July 1, according to the memo from Stephanie B. Smith, vice president–human resources, and Sherri Sidler, interim executive vice president.
The merged investment options lineup will consist of a target-date fund lineup managed by Vanguard Group, a core lineup of four Fidelity domestic equity and fixed-income index funds and a Vanguard Group international equity index fund, an extended lineup of 16 actively managed investment options, and a self-directed brokerage account.
Which investment options are new and which are existing could not be immediately learned.
As of Dec. 31, 2019, the DePaul University 403(b) Plan had $995 million in assets, according to its most recent Form 5500 filing.
Ms. Smith could not be immediately reached for further information.
