Phoenix Employees’ Deferred Compensation Board is adding the MFS Mid Cap Value Fund as an investment option in the two defined contribution plans it oversees.
The change is effective on Dec. 16, said a notice on the website of the $1 billion 457 plan and $258 million 401(a) plan.
The domestic midcap value equity fund managed by MFS Investment Management replaces the Perkins Mid Cap Value Fund, managed by Janus Capital Management and subadvised by Perkins Investment Management.
A reason for the change was not given, but the notice mentions that “certain fund options may no longer meet the specifications outlined in the plan’s investment policy statement” and might be removed.
Separately, the board’s investment subcommittee at its Oct. 16 meeting approved adding the Metropolitan West Core Plus Fund, managed by Metropolitan West Asset Management, and removing the PIMCO Total Return Fund, according to a notice of meeting results. The reason for the change was not provided.
Further information on the plans’ investment options could not be learned by press time.
Investment consultant Hyas Group assisted.
Mary Kyle, assistant human resources director of the city of Phoenix, did not return phone calls by press time, and Kathy Schelbrock, senior human resources analyst for the city, could not be reached by press time.