University of Wisconsin System, Madison, is overhauling the investment options lineup of its $2.9 billion 403(b) plan.
The system issued an RFP in August 2020 for record keepers for due diligence purposes, Ruth Ginzberg, senior procurement specialist, said at the time. The incumbent record-keepers were Ameriprise Financial, Fidelity Investments, Lincoln Financial Group, T. Rowe Price Group and TIAA-CREF.
Fidelity Investments and TIAA were selected as the plan's two record-keepers as a result of that RFP process, according to the plan's website.
The investment options lineup is being reduced to 18 individual investment options plus a target-date fund lineup effective Jan. 1, according to the plan's website.
According to current plan documents, the plan's five record keepers currently offer a total of 775 investment options. Most of the options in the new lineup are new to the plan.
That includes a target-date fund lineup managed by Vanguard Group, as well as nine individual funds: Vanguard Total Bond Market Index Fund; Vanguard Short-Term Inflation-Protected Securities Index Fund; Vanguard Total Stock Market Index Fund; Vanguard 500 Index Fund; Vanguard FTSE Social Index Fund; Vanguard Extended Market Index Fund; Vanguard Total International Stock Index Fund; Vanguard Developed Markets Index Fund; Vanguard Emerging Markets Stock Index Fund; and Vanguard Federal Money Market Fund.
Also new to the plan are the Baird Core Plus Bond Fund, Dodge & Cox Stock Fund, Boston Trust SMID Cap Fund, Goldman Sachs GQG Partners International Opportunities Fund and Principal Real Estate Securities Fund.
Ms. Ginzberg would not reply to requests for further information. University spokesman Mark Pitsch could not be immediately reached for further information.