The ICMA Retirement Corp., Washington, a manager-of-managers catering to public 401(a) and 457 plan clients, will roll out three new fund options in October - an international equity fund, a socially responsible balanced fund and an aggressive growth fund.
The new funds increase the lineup to 11 investment options for 401(a) plan participants and nine for deferred compensation plan participants.
Rather than being managed by money managers in separate accounts as its other funds are, ICMA's three new funds will be run by "name brand" mutual fund managers, said Robert Barkin, an ICMA spokesman. ICMA is currently conducting searches for managers for all three new funds.
The ICMA also expanded its record-keeping and service capabilities last month when it began offering daily valuation and telephone transfer capabilities to its 800 401(a) clients. The ICMA hopes to offer similar services to its deferred compensation plan clients within a year.