Genesee County, Flint, Mich., hired Nationwide Financial as record keeper of its 401(a) plan.
The change to Nationwide from ICMA-RC will be effective Dec. 21, according to a transition guide posted on the county's website.
The county selected Nationwide "because its service model is built around participants," according to the transition guide. Further information was not disclosed.
The entire investment options lineup currently consists of 38 of ICMA-RC's proprietary VantagePoint funds and the VantagePoint target-date fund lineup. Participants in all funds will be automatically mapped to corresponding funds, according to the transition guide.
The new lineup will have 23 individual investment options and a target-date fund lineup managed by Capital Group.
Among the funds the entirely new lineup will feature are Fidelity Investments' 500 Index fund, U.S. Bond index fund, Small Cap index fund and International index fund, three active domestic equity funds managed by J.P. Morgan Asset Management, an active domestic midcap value equity fund managed by American Century Investments and an active domestic large-cap growth equity fund managed by T. Rowe Price Group.
The plan's asset size could not be immediately determined.
Jennifer Draheim, retirement services administrator, and Christopher Kuhn, senior consultant at AndCo Consulting, the plan's investment consultant, could not be reached for further information.
