Pacific Life Insurance Co., Newport Beach, Calif., converted its $205 million defined benefit plan into a cash balance plan July 1. The move was made to reflect the demographics of the plan’s participants, said Anthony Bonno, senior vice president-human resources. All employees have been switched to the new plan.
The sponsor 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 Mr. Bonno. The plan offers six additional options.
