Indiana University, Bloomington, hired Fidelity Investments as the sole record keeper of its 403(b) and 457 plans, spokesman Chuck Carney said.
The university's retirement investment committee issued an RFP in the fall of 2018 to "ensure that they continue to meet industry best standards in a changing environment," according to the retirement plans' website.
The plans' current record keepers are Fidelity and TIAA-CREF. Whether the latter firm was part of the RFP process could not be immediately learned.
Fidelity will become the sole record keeper effective Jan. 1, with a new investment options lineup consisting of four tiers: nine index funds managed by Vanguard Group, 11 actively managed funds, a target-date fund lineup managed by Vanguard, and a self-directed brokerage link option.
Which individual options are entirely new to the plans, and the asset sizes of the plans, could not be immediately learned.
Mr. Carney could not immediately provide further information.
