Defined contribution plans
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L.A. County Deferred Comp selects 2 small-cap growth equity managers
trueLos Angeles County Deferred Compensation and Thrift Plans hired Elk Creek Partners and Rice Hall James & Associates to manage $80 million each in small-cap growth equity separate accounts.
Treasury Department, IRS release guidance to correct auto-enrollment errors
trueThe Treasury Department and the IRS on Thursday announced new guidance to defined contribution plans offering auto-enrollment features that will make it easier for the plans “to easily correct administrative errors without risking the plan’s tax qualification and without having to obtain IRS ...
U.K.'s NEST taps Legal & General for short-term gilt allocation
trueNational Employment Savings Trust hired Legal & General Investment Management to run single-year maturity gilt allocations.
Aberystwyth University taps Legal & General to develop new DC plan
trueAberystwyth University hired Legal & General Investment Management to design and implement a new defined contribution plan.
Towers Watson: Institutional investors remain uncertain over future of global economy
trueInstitutional investors continue to be uncertain about the global economy, a new Towers Watson survey says.
WSP Parsons Brinckerhoff selects Mercer to provide actuarial services for 7 plans
trueWSP Parsons Brinckerhoff, London, hired Mercer to provide actuarial services to its seven U.K. retirement plans.
NAGDCA: Public DC participant assets up, target-date funds gain more default option traction
trueThe average account balance for participants in public defined contribution plans rose to $59,000 last year, up 11% from 2013, according to the latest annual survey by the National Association of Government Defined Contribution Administrators.
University of California adds 3 DC fund options, drops 48 for simplification
trueThe University of California system, Oakland, is adding three core fund options and dropping 48 investments from its lineup for three defined contribution plans as part of a continuing effort to simplify choices for participants.
Virginia Beach digs for 457 plan investment consultant
trueVirginia Beach (Va.) Deferred Compensation Board is searching for an investment consultant for its $256 million 457 plan.
Southern California water district taps TIAA-CREF as record keeper
trueMetropolitan Water District of Southern California hired TIAA-CREF as record keeper for its $343 million 401(k) plan and $110 million 457(b) plan.
LCP: Global equity fees down in past 5 years, but charges rise in other asset classes
trueMore than half of money managers running global equity allocations have reduced the fees charged to new clients by an average 20% over the past five years, new research shows.
Northern Trust: Target-date funds surge in DC plan allocation
trueTarget-date fund allocations in defined contribution plans soared in 2014, climbing to 22% of plan assets from 15.7% in 2013, said a Northern Trust survey of 100 DC plan clients with $265 billion in total assets.
Ameriprise to launch record-keeper, consultant searches as part of 401(k) plan settlement
trueAmeriprise Financial Inc. will issue RFPs for a record keeper and investment consultant for its 401(k) plan as part of a settlement reached Thursday with participants in the plan.
Kansas Public Employees swaps midcap growth funds in 457 plan
trueKansas Public Employees Retirement System is adding the Vanguard Mid-Cap Growth Fund to the lineup of its $943 million 457 plan.
ICI: U.S. retirement assets near $25 trillion after 1.7% increase in fourth quarter
trueTotal U.S. retirement assets rose 1.7% in the quarter ended Dec. 31 to $24.7 trillion, the Investment Company Institute’s quarterly report said Thursday.