Miami University, Oxford, Ohio, is adding passive investment options managed by Fidelity Investments and Vanguard Group to its 401(a) and 403(b) plans.
The university's retirement advisory committee recommended adding the investment options after a review of fund offerings, according to an update posted on the plans' website.
The changes will be effective in early spring, the website said. For participants with record keepers AIG Retirement Services, Equitable and Voya Financial, the plans — which have identical lineups — will add six passive domestic equity funds managed by Fidelity.
The additions are the Fidelity Large Cap Growth Index Fund, Fidelity Large Cap Value Index Fund, Fidelity Mid Cap Growth Index Fund, Fidelity Mid Cap Value Index Fund, Fidelity Small Cap Growth Index Fund and Fidelity Small Cap Value Index Fund.
For participants within record keeper TIAA-CREF's lineup, the plans will add six similar index funds managed by Vanguard.
According to the retirement plans' website, the lineups currently have domestic large-cap, midcap and small-cap blend equity index funds.
Current asset sizes of the plans were not available. According to a July 2018 RFP for investment consulting services, the 401(a) plan had $203 million in assets and the 403(b) plan had $164 million at that time.
University spokeswoman Jessica Rivinius could not be immediately reached for further information.