Vanguard Announces Share Class Change (lower prices) in Public 403(b) Target Date Funds

Vanguard is sending out letters to Plan Sponsors letting them know that the target date offerings within their Custodial 403(b) product (for public school employees) is changing to the Institutional share class. The Institutional share class has a minimum of $100 million requirement for most plan sponsors, but now participants in multi-vendor 403(b) will gain access to them. Vanguard says:

The expense ratios for the current offering of Vanguard Target Retirement Funds range from 0.13% to 0.15% (between $1.30 and $1.50 for every $1,000 invested). Each Vanguard Institutional Target Retirement Fund, in comparison, has an expense ratio of 0.09% ($0.90 for every $1,000 invested).

I've attached the letter below.
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