Swarthmore College, Swarthmore, Pa., is overhauling the investment lineups for its 403(b) plan, according to a newsletter posted for participants on the plan's website.
TIAA-CREF and Vanguard Group's platforms now each feature two tiers, the first consisting of “all-in-one investments” and the second of core investments.
Tier 1 consists of a series of 16 target-date funds on Vanguard's platform and 11 lifecycle funds on TIAA-CREF's platform.
Tier 2 is divided among short-term reserve funds, bond funds, domestic stock funds and international stock funds.
New funds available on the Vanguard platform are the Dodge & Cox Income Fund and Templeton Global Bond Fund as part of its bond fund lineup; Diamond Hill Small-Mid Cap fund, Neuberger Berman Socially Responsive Fund and T. Rowe Price New Horizons Fund as part of its domestic stock fund lineup; and Artisan International Value Fund, Columbia Acorn International Fund and Schroder Emerging Market Equity Fund as part of its international stock fund lineup.
The Vanguard Group platform now has 17 investment options, while the TIAA-CREF platform has seven investment options.
Sixty-four Vanguard Group funds in the Vanguard Group platform will be removed, and 13 TIAA-CREF mutual funds and five annuity accounts will be removed from the TIAA-CREF platform, all effective Nov. 1. Additionally, 14 funds managed by Calvert Investment Management will be removed on that date because the firm “is no longer providing comprehensive retirement investment services to sponsors such as Swarthmore,” according to the newsletter.
The Swarthmore College Regular Retirement Plan had $217 million in assets as of Dec. 31, 2011, according to the most recently available summary annual report.
Phone calls to Pamela Prescod-Caesar, vice president for human resources, and Suzanne Welsh, vice president for finance and treasurer, were not returned by press time.