East Bay Municipal Utility District, Oakland, Calif., is adding index funds managed by Fidelity Investments to the investment options lineups of its $341 million 401(k) plan, $120 million 457 plan and $54 million 401(a) plan, said Audrey White, senior consultant at Hyas Group, the district's investment consultant, in an email.
The district's 401(k)/457 and 401(a) advisory committees voted March 12 to approve Hyas Group's recommendation to add three index funds managed by Fidelity to replace three index funds managed by Vanguard Group.
Hyas Group made the recommendation to reduce expenses.
The Fidelity 500 Index Fund will replace the Vanguard Institutional Index Fund, which has $74 million in assets in the plans; the Fidelity U.S. Bond Index Fund will replace the Vanguard Total Bond Market Index Fund, which has $7 million in assets in the plans; and the Fidelity Total International Index Fund will replace the Vanguard Total International Stock Index Admiral Shares Fund, which has $3 million in assets in the plans.
The timeline for the changes has yet to be determined.
All the plans share a lineup of 27 investment options and a target-date fund lineup managed by Vanguard. Fidelity is the record keeper.
