Occidental Petroleum Corp., Houston, is adding six new investment options and a target-date fund series to its 401(k) plan, the company disclosed in its 11-K filing with the SEC.
Occidental is adding three passive investment options managed by BlackRock (BLK): its U.S. Debt Index Fund, Russell 3000 index fund and MSCI ACWI index fund, along with Vanguard Group's Total International Bond Index Fund, and active domestic small-cap growth equity funds managed by Hood River Capital Management and J.P. Morgan Asset Management (JPM). The company is also adding its first target-date fund series to the plan, managed by Vanguard.
The company is removing Dodge & Cox Balanced Fund, an asset allocation fund; MFS Investment Management's Massachusetts Investors Growth Stock Fund, an active domestic large-cap growth equity fund; and Neuberger Berman's Value Equity Fund, an active domestic large-cap value equity fund. A reason for the changes was not provided. There will be a mapping process, but the filing did not specify how participants will be mapped. All changes will be effective June 29.
As of Dec. 31, the Occidental Petroleum Corp. Savings Plan had $2.4 billion in assets, according to the 11-K filing. As of that same date, within the plan the Dodge & Cox Balanced Fund had $194 million in assets; the Massachusetts Investors Growth Stock Fund, $72 million; and the Neuberger Berman Value Equity Fund, $10 million.
Occidental officials could not be immediately reached to provide further information.