As of January 8, 2019, the Vanguard funds listed below will change from the “Admiral” to the “Institutional” share class which has a lower expense ratio (investment management fee). A lower expense ratio will reduce the amount you pay in fees for investing in the fund. The new share class has the identical investment objective and strategy as the current share class.

Share Class Changes Effective January 8, 2019

New Share Class Old Share Class
Institutional Admiral
Fund Name Fund Style Ticker Fee Ticker Fee
Vanguard Intermediate-Term Corporate Bond Index Corporate Bond VICBX 0.05% VICSX 0.07%
Vanguard Short-Term Bond Index Short-Term Bond VBITX 0.05% VBIRX 0.07%
Vanguard Total Bond Market Index Intermediate-Term Bond VBTIX 0.04% VBTLX 0.05%
Vanguard Short-Term Inflation-Protected Securities Index Inflation-Protected Bond VTSPX 0.04% VTAPX 0.06%
Vanguard Small-Cap Index Small Blend VSCIX 0.04% VSMAX 0.05%
Vanguard Developed Markets Index Foreign Large &nbsp Blend VTMNX 0.06% VTMGX 0.07%
Vanguard Emerging Markets Stock Index Diversified Emerging Markets VEMIX 0.11% VEMAX 0.14%

If you have money invested in these funds as of the effective date in this notice, your 403(b) and/or Rabbi Trust accounts will be affected as follows:

  • Existing Balances: We will sell your shares in the Admiral share class and reinvest the proceeds in the Institutional share class.
  • Future Plan Contributions: We will replace the Admiral share class with the Institutional share class using the same allocation percentages you previously chose.
  • Automated Account Realignment Instructions (for existing balances): We will replace the Admiral share class with the Institutional share class using the same allocation percentages you previously chose.

InfoExpress Blackout Period: In order to implement the new share classes, we will need to temporarily suspend investment changes and plan distributions. This applies to all participants—whether or not you’re invested in any of the above funds—for a period of up to 72 hours beginning January 7, 2019 at 4:00 pm EST.

You can find the fact sheets for Vanguard’s new share classes here and make changes to how your account is invested in InfoExpress. As always, prior to making investment changes, you should review the excessive trading information found under Change My Investments.

If you have any questions please contact Robert Perry, Director of Participant and Employer Services, at 646-884-9890 or rperry@rpb.org.