The Nebraska Investment Council, Lincoln, approved investment lineup changes to the state's $850 million defined contribution and $200 million deferred compensation plans at its meeting Sept. 19, State Investment Officer Michael Walden-Newman said in an email.
The council added and changed the plan's default investment option to LifePath target-date funds managed by BlackRock from the T. Rowe Price Group's Stable Value Fund, which invests in high-quality bonds with short- to intermediate-term maturities.
The council also added the Global Growth Equity Fund managed by T. Rowe Price Group, the Total Return Fund managed by Pacific Investment Management Co. and the U.S. Total Stock Market Index Fund managed by BlackRock to its lineup.
The state's DC plan was closed to new participants on Jan. 1, 2003, when the state switched to a cash balance plan. Earlier this year, the state lawmakers approved a bill that allowed for the lineup updates approved by the council last week.
The changes are effective Jan. 1, 2021, and were recommended by investment consultant Aon Hewitt Investment Consulting.
The council oversees $28.2 billion in total assets.
