A retirement services vendor will be offering employers a collective investment fund program.
Guardian Insurance & Annuity Company Inc., a subsidiary of Guardian Life Insurance Company of America, New York, says it will add the CIF feature to a package of managed account services already provided by Stadion Management Inc., Watkinsville, Ga.
Stadion handles managed account services for retirement plan participants who use the Guardian Choice and Guardian Advantage group retirement products.
The Stadion CIF managers will invest the fund assets in exchange-traded funds, cash and cash equivalents, Guardian says.
Stadion will use the CIFs exclusively in the plan participant accounts.
Plan sponsors and plan participants cannot invest directly in the CIFs, Guardian says.
The CIF program should be less expensive than comparable programs, and trading efficiencies will help the Stadion CIF money managers respond more quickly to changing market conditions, Guardian says.