Philips Electronics North America Corp., New York, added five active funds to the menu of mainly passive investment options offered by its $977 million 401(k) plan, said Lisa Pyne, director of benefits and compensation program.
The plan added Fidelity Investments’ Magellan and Company Growth funds; and Vanguard’s PRIMECAP, Explorer and Windsor II funds. The fund already offered 10 index and lifecycle options from Vanguard.
Also, Philips’ investment committee decided by year-end to begin automatically enrolling new employees at a 3% default deferral rate, and it selected the money market fund as the default investment option, she said.
