PPL Corp., Allentown, Pa., is overhauling the investment option lineup of its 401(k) plans, confirmed Karla A. Durn, director-investments and pensions.
Among the changes in the PPL Savings Plans, effective Sept. 6, are the addition of a target-date fund lineup and four index funds managed by Northern Trust Global Investments, replacing Fidelity Investments' target-date fund lineup and three index funds.
Participants invested in Fidelity's Spartan 500 Index Fund, Spartan Total Market Index Fund and Fidelity Magellan fund will be mapped to the Northern Trust S&P 500 Index Fund, and those invested in the Spartan International Index Fund will be mapped to the Northern Trust EAFE Index Fund.
The plan is also adding the Northern Trust Extended Equity Market Index Fund and Northern Trust Aggregate Bond Index Fund as new funds.
Other funds replacing existing funds, from which participants will be automatically mapped, are:
- Northern Trust Focus Fund, replacing the Fidelity Balanced Fund, Fidelity Money Market Trust Retirement Government Money Market Portfolio, Fidelity Value Fund, Oppenheimer International Growth Fund and Wells Fargo Advantage Government Securities Fund;
- Loomis Sayles Value Fund, replacing the Invesco Comstock Fund; and
- PIMCO Total Return Fund, replacing the J.P. Morgan Core Bond Fund.
Funds remaining are the Blended Interest Rate Fund (managers unknown), Fidelity Growth Company Fund and Templeton Foreign Fund. The plans are also doing a class change for the Columbia Acorn Fund.
The changes leave the plan with 11 investments options, a target-date fund lineup and a brokerage window. Fidelity Investments is the plans' record keeper.
As of Sept. 30, PPL Corp. had $1.6 billion in 401(k) plan assets, according to Pensions & Investments data.
Ms. Durn declined to comment on the specific changes being made.
