Board of Pensions of the Presbyterian Church (USA), Philadelphia, will add a target-date fund lineup managed by Fidelity Investments to its 403(b) plan, according to a posting on its website.
The Fidelity Freedom Funds lineup will be added effective July 1, 2014.
It is the first time the board will add a target-date fund lineup to its retirement savings plan. As of December 2012, the plan had a total of 11 investment options, according to a summary plan description.
An asset size for the 403(b) plan could not be learned by press time.
Judith Freyer, senior vice president, treasurer and chief investment officer, was not available to provide further information by press time.