TASC Inc. Savings Plan, Chantilly, Va., is switching its target-date fund lineup for its 401(k) plan to ING Solution Portfolios, managed by ING U.S Retirement Solutions, from BlackRock (BLK) LifePath funds, according to a posting on the plan's website.
All assets in the BlackRock LifePath funds will automatically map to the ING funds at 4 p.m. EST on Dec. 31.
The change is partially the result of fees. According to the TASC employee newsletter, investing in the ING target-date funds lowers the management fee to 30 basis points from 35 basis points.
The 401(k) plan has 13 investment options and 10 target-date funds. The asset size of the plan could not be learned by press time.
TASC spokeswoman Christine Nyirjesy Bragale did not have further information by press time.