University of Akron (Ohio) is overhauling the investment options lineup of its 403(b), 457 and 401(a) plans, effective May 11, according to the university's website.
The new lineup consists of three tiers of investment options, according to a brochure posted on the website: A target-date fund lineup managed by Nuveen, the money management subsidiary of TIAA, the plans' record keeper; a tier of individual active and passive investment options run by assorted money managers; and a self-directed brokerage account.
The previous investment options lineup consisted exclusively of TIAA- and CREF-branded investment options, according to the brochure.
Within the second tier, the funds new to the plans are active domestic midcap and small-cap value funds managed by AllSpring Global Investments, an active global equity fund managed by Capital Group, an active international growth equity fund managed by ClearBridge Investments, an active domestic large-cap value equity fund managed by Columbia Threadneedle Investments, an active domestic small-cap growth equity fund managed by Federated Hermes, active domestic large-cap and midcap growth funds managed by MFS Investment Management, active domestic core-fixed income and high yield funds managed by PGIM Fixed Income, and seven passive equity and fixed-income funds managed by Vanguard Group.
The brochure did not give a specific reason for the changes and asset sizes of the three defined contribution plans were not provided.
University spokeswomen Tammy Ewin and Sarah Stiedl could not be immediately reached for further information.
