Drexel University selected TIAA-CREF as sole record keeper for its 403(b) retirement plan, according to a transition guide posted on the Philadelphia-based university's website.
TIAA previously shared record-keeping duties with Vanguard Group and Fidelity Investments. The transition guide said the university made the change to streamline administration of the plan and lower administration fees for participants.
Beginning in December, 12 new target-date funds and 11 mutual funds managed by Vanguard, a TIAA large-cap growth institutional fund and one mutual fund and Capital Group's American Funds EuroPacific Growth R6 fund will be available.
Meanwhile five investment options managed by Fidelity and one managed by Federated Hermes will be discontinued, as will the family of Fidelity Freedom index target-date funds.
Participants may select new investment options starting Nov. 15.
The university's DC plan had roughly $1.55 billion in assets as of Dec. 31, according to its latest Form 5500.
A spokeswoman for the university could not be immediately reached for comment.
