Board votes to shift underperforming MFS growth allocation to Vanguard index

Trustees voted to move the plan's MFS Growth allocation into a lower-cost Vanguard growth index, citing multi-year underperformance of the active manager and a large fee differential. A trustee moved the change after a Mariner Institutional briefing showed MFS had lagged the benchmark and that Vanguard's institutional share (VRGWX) or its ETF (VONG) offered materially lower expense ratios (Mariner quoted VIGAX/VONG expense ratios near 0.07% as cheaper alternatives). "I'll make a motion that we just move the MFS money to the Vanguard institutional large cap growth, Russell 1000 comparable, if we can get into it," the trustee said; the motion was seconded and passed by voice vote.