Bowling Green State University, Bowling Green, Ohio, will reduce the number of record keepers for its 401(a) plan and 403(b) plans to four firms effective Jan. 1.
The university rehired AXA Equitable Life Insurance, Fidelity Investments, TIAA-CREF and Voya Financial as the record keepers after issuing an RFP earlier this year to reduce the number of record keepers, according to materials on the retirement plans' website.
Each record keeper will offer a new investment options lineup developed with the assistance of the plans' new investment consultant, Cammack Retirement Group, which also assisted in the record-keeper search.
The changes were made due to recent state legislation that allowed the university to "modernize" the plans, according to an FAQ posted on the plans' website.
All participants must select new investment options; participants who do not make a selection will be automatically enrolled into a target-date fund lineup managed by TIAA-CREF.
Which investment options are new to the plans, and how much in assets are in the plans, could not be immediately learned.
Sandy Heck, the university's director, human resources and benefits, could not be immediately reached to provide further information.