Fidelity will replace Vanguard Group effective Jan. 1, 2018. In a newsletter to employees on the website, Chevron said the change came after the company "conducted an extensive review of the leading vendors who provide record-keeping services for plans similar to the (Employee Savings Investment Plan)." Further information on potential investment options changes has yet to be disclosed.
A lawsuit by a group of plan participants filed in February 2016 was dismissed by a U.S. District Court judge in Oakland, Calif., in June. Among the charges against Chevron were "excessive" record-keeping fees to Vanguard in part because Chevron had not put record-keeping services up for bid in six years.
As of Dec. 31, the Chevron Employee Savings Investment Plan had $19.4 billion in total assets, according to the company's most recent 11-K filing.