Updated with clarification
New York University consolidated the investment options lineup of its five defined contribution plans, which includes four new funds.
The changes were effective April 1, according to materials posted on NYU's website. The changes included the addition of a self-directed brokerage option and the consolidation of investment options involving the removal of funds that have duplicate or similar investment objectives.
The new menu will consist of three tiers of investment options. The first is a target-date fund lineup managed by Vanguard Group, the second is a lineup of 13 index funds also managed by Vanguard Group and the third is a lineup of 14 actively managed funds. The menu also features a guaranteed annuity option managed by TIAA-CREF and the new self-directed brokerage option.
Of the 27 individual investment options now offered, a total of four are new to the plans.
The plans added two new active funds: the American Century Emerging Markets Fund, managed by American Century Investments, and the Wells Fargo Special Small Cap Value Fund, managed by Wells Fargo Asset Management.
The plan also added midcap growth equity and midcap value equity index funds managed by Vanguard.
Funds removed from the plan are a target-date fund lineup managed by TIAA-CREF, three individual investment options also managed by TIAA-CREF and 38 individual investment options managed by Vanguard Group.
NYU's DC plans consist of three 403(b) plans, a 457 plan and a 401(a) plan.
As of Dec. 31, 2019, the NYU Retirement Plan for Members of Faculty, Professional Research Staff, and Administration had $3.7 billion in assets; the NYU Supplemental Tax Deferred Annuity Plan had $1.1 billion; and the NYU Retirement Plan for Adjunct Faculty Members had $29 million in assets, according to the plans' most recent Form 5500 filing.
Asset sizes for the NYU Section 457(b) Deferred Compensation Plan, and the Local 1 Security Officers Union Money Purchase Pension Plan & Trust (a 401(a) plan), could not be immediately found.
Investment consultant Cammack Retirement Group — now part of CAPTRUST Financial Advisors — assisted.
NYU spokesman John Beckman could not be immediately reached for further information.
