Orange County Water District, Fountain Valley, Calif., is adding the Columbia Seligman Technology and Information Fund and Janus Henderson Enterprise Fund to the investment options lineup of its $154 million 401(a) plan.
The district's board of directors at its Feb. 1 meeting approved the retirement plan committee's recommendations to add the new funds, according to an audio recording of the meeting.
The 401(a) plan will add the Columbia Threadneedle Investments technology fund to replace the MFS Technology Fund, a similar fund managed by MFS Investment Management, and the active domestic midcap growth equity fund managed by Janus Henderson Investors to replace the MassMutual Mid Cap Growth Fund, a similar fund managed by MML Investment Advisers.
Participants in the previous funds will be mapped to the new funds. The timeline for the change was not provided.
According to Jan. 24 retirement plan committee materials, the committee had red-flagged the MassMutual fund due to underperformance. The materials did not provide a reason for the technology fund change. Each fund had $2 million in assets in the plan as of Jan. 3.
Officials at MassMutual could not be immediately reached for comment. Stephanie Dosier, director of Orange County Water District human resources, could not be immediately reached to provide further information.
Investment consultant Sutherland Group of Wells Fargo Advisors assisted.
