Pacific Life Insurance Co., Newport Beach, Calif., added the American Funds Investment Co. of America and Harbor Capital Appreciation funds as investment options for its $180 million 401(k) plan. The American fund replaces a PIMCO equity income fund, and Harbor replaces the PIMCO Capital Appreciation fund, said Anthony Bonno, senior vice president-human resources. The plan offers six additional options.
In addition, the sponsor converted its $205 million defined benefit plan to a cash balance plan, effective July 1. The move was made to reflect the demographics of the plan’s participants, Mr. Bonno said. All employees have been switched to the new plan.
