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Board keeps American Funds as target-date manager after review
Summary
The board reviewed a Target Date Manager Search comparing American Funds, BlackRock, T. Rowe Price and Vanguard and concluded American Funds remains the most appropriate incumbent; no change was authorized.
Fiduciary Consulting Group presented a Target Date Manager Search that compared allocations, fees, performance and other considerations among American Funds (the incumbent) and three potential replacements: BlackRock, T. Rowe Price and Vanguard. After reviewing the comparisons, the board concluded the incumbent provider remained the most appropriate option and took no action to replace it.
Board discussion noted the need to balance performance, fees and continuity; no formal motion to change managers was made.
