Chevron Corp., San Francisco, added investment options to its $4.5 billion profit-sharing/savings plan, converted the plan to daily valued record keeping and outsourced administration to State Street Bank, said Cliff York, senior adviser, qualified plans.
Chevron added two indexed commingled options managed by State Street Bank - an EAFE international equity indexed fund and a small-cap fund based on the Russell 2000. The bank also is providing a mutual fund window option through its brokerage division that gives Chevron's nearly 28,000 participants access to 2,000 mutual funds from 200 fund families.
Chevron also unitized the actively managed separate accounts of two managers of its defined benefit plan in order to create two investment options for the defined contribution plan. A value equity option invests in the unitized shares of a portfolio managed by Sanford Bernstein; a growth equity option invests similarly in a portfolio managed by Jennison. State Street Bank also manages four commingled, indexed options carried over from the old plan. Mellon Bank, the plan's trustee, will continue to administer a large Chevron company stock option.