Sprint Corp., Westwood, Kan., overhauled its $3.3 billion 401(k) plan by moving to a three-tier multimanager approach with a total of 30 investment options, up from 10. Bill Searcy, pension and savings trust officer, said the revisions are designed to offer participants a more "institutional look that better fits their investment time horizons and risk tolerance.
Tier one includes five pre-mixed portfolios, ranging from conservative growth to aggressive growth. Tier two includes six new options managed by newly hired Barclays Global Investors and PIMCO, and two existing Sprint company stock funds. Tier three includes 17 actively managed funds.
Mr. Searcy said the original 10 investment options were retained. Several of the new investment options were designed to be extensions of similar actively managed portfolios in Sprints $3.6 billion defined benefit plan.