SunTrust Bank overhauls DC fund lineup
By Rob Kozlowski | February 7, 2013 2:30 pm
SunTrust Bank Inc., Atlanta, overhauled the fund lineup of its 401(k) plan, according to its website.
The changes, effective Jan. 2, affect both tiers of the plan.
The first tier consists of 12 Vanguard Group target-date funds, replacing a T. Rowe Price lineup of 12 target-date funds.
The second tier consists of 12 investment options, eight of which are newly added Vanguard index funds. The new funds are: Vanguard Russell 1000 Growth index fund, Vanguard Russell 1000 Value index fund, Vanguard Russell 2000 Value index fund, Vanguard Extended Market index fund, Vanguard Russell 2000 Growth index fund, Vanguard Total International Stock index fund, Vanguard Short-Term Bond index fund, and Vanguard Total Bond Market index fund.
The four retained investment options are the Dreyfus Institutional Reserves Treasury Prime fund, Vanguard Inflation-Protected Securities fund, Vanguard Institutional Index fund and SunTrust's company stock fund.
Thirteen funds were dropped: Dreyfus/The Boston Co. Small Cap Value fund, Federated Prime Obligations fund, MFS Research International fund, Principal MidCap Blend fund, RidgeWorth Aggressive Growth Stock fund, RidgeWorth Core Bond fund, RidgeWorth International Equity index fund, RidgeWorth Large Cap Growth Equity fund, RidgeWorth Large Cap Value Equity fund, RidgeWorth Seix High Yield fund, RidgeWorth Short-Term Bond fund, RidgeWorth Small Cap Growth Stock fund and Vanguard Mid-Cap index fund.
The SunTrust Bank Inc. 401(k) plan had $1.7 billion in assets as of Dec. 31, 2011, according to the company's most recent Form 5500 filing.
A phone call to Kenneth J. Carrig, executive vice president and chief human resources officer, was referred to spokesman Michael McCoy, who did not return a phone call by press time. Spokesman Hugh Suhr could not provide further information by press time.