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Chevron switches Vanguard share classes, expects record-keeper hire soon

Chevron

Chevron Corp., San Ramon, Calif., issued a record keeper RFP and replaced a number of Vanguard Group funds with their institutional share class versions in its 401(K) plan last year, said the company's 11-K filed with the Securities and Exchange Commission on Tuesday.

According to the filing, four Vanguard funds were replaced with their institutional share class versions. The Vanguard Federal Money Market Fund was also added to the investment lineup, replacing the Vanguard Prime Money Market Fund.

The filing also indicated that a hiring decision on the record keeper search is expected to be announced later this year.

A spokesman could not immediately be reached for additional information.

In February 2016, a group of plan participants filed a lawsuit against Chevron and plan executives alleging breaches of fiduciary duty for, among other things, selecting "high-priced share classes of mutual funds" and paying "excessive" record-keeping fees to Vanguard in part because the record-keeping contract hadn't been subject to an RFP in six years.

The lawsuit was dismissed by a U.S. District Court judge in Oakland, Calif., for the second time earlier this month.

As of Dec. 31, the Chevron Employee Savings Investment Plan had $19.4 billion in total assets, according to the 11-K.