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FMC Corp. turns passive in revamping 401(k) plan lineup

FMC Corp., Philadelphia, added four passive investment options and a target-date fund lineup managed by Vanguard Group to its 401(k) plan, the company disclosed in an 11-K filing with the Securities and Exchange Commission on Tuesday.

The Vanguard target-date fund lineup replaces a similar lineup managed by Fidelity Investments.

The new Vanguard investment options are: the Institutional Index Fund Shares (an S&P 500 index fund), the Total Bond Market Index Fund, Total International Stock Index Fund and Extended Market Index Fund.

Removed options, from which participants were mapped to the Vanguard Institutional Index Fund, were: the Clipper Fund, a domestic large-cap blend equity fund managed by Davis Selected Advisors; Fidelity Investments' Magellan Fund, a domestic large-cap growth equity fund; Fidelity's U.S. Equity Index Commingled Pool; Franklin Mutual Quest Fund, a domestic large-cap value equity fund managed by Franklin Templeton (BEN) Investments (BEN); John Hancock Classic Value Fund, also a domestic large-cap value equity fund; and Sequoia Fund, a domestic large-cap growth equity fund managed by Ruane, Cunniff & Goldfarb.

Also removed were: Fidelity's Capital & Income Fund and U.S. Bond Index Fund, from which participants were mapped to the Vanguard Total Bond Market Index fund; Fidelity's International Index Fund, from which participants were mapped to the Vanguard International Stock Index Fund; and Royce Special Equity Fund, a domestic small-cap value equity fund, from which participants were mapped to the Vanguard Extended Market Index fund.

Also, the company removed the Fidelity Money Market Trust Retirement Government Money Market Portfolio as an investment option, from which participants were mapped to the Fidelity Managed Income Portfolio, an existing option.

The changes, which were effective March 31, leave the plan with 12 investment options, the target-date fund lineup and a company stock option. Fidelity Investments is the record keeper of the plan.

The FMC Corp. Savings and Investment Plan had $523 million in assets as of Dec. 31, according to the 11-K filing.

Dwayne Roark, company spokesman, said in an email the company has no further comment to add to the filing.