Harvard University, Cambridge, Mass., is consolidating its defined contribution plans to TIAA-CREF as its single record keeper and simplifying the investment options lineup for the plans.
The streamlined lineup includes the addition of a Treasury inflation-protected securities index fund managed by Charles Schwab Investment Management.
Currently, Fidelity Investments, TIAA and Vanguard serve as record keepers for the plans.
A blackout period for participants begins at 4 p.m. EDT on April 6 and ends April 24, according to a transition guide posted on the university retirement plan website.
The new options lineup includes the new TIPS index fund managed by Charles Schwab and existing options that were previously split between the three record keepers.
The new lineup consists of six core mutual funds, five of which are managed by Vanguard Group, a Vanguard Group target-date fund lineup and three annuity options managed by Nuveen, TIAA-CREF's money manager subsidiary.
As of Dec. 31, 2018, the Harvard University Tax-Deferred Annuity Plan had $2.2 billion in assets, the Retirement Income Plan for Teaching Faculty of Harvard University has $1.5 billion in assets, and the Harvard University Defined Contribution Retirement Plan had $983 million in assets, according to the university's most recent Form 5500 filings.
Harvard officials could not be immediately reached for further information.
