Schlumberger Ltd. has added a custom target-date fund series to its $5.3 billion U.S. 401(k) plan, said Gary Park, director of trust investments for the Houston-based oil and gas company.
The target-date fund series, managed by Voya Financial, represents $3.8 billion of the 401(k) plan’s assets, Mr. Park said.
The target-date fund series is the plan’s qualified default investment alternative, and it replaces as QDIA three target-risk funds. The Voya custom target-date fund series represents the first time Schlumberger has offered a target-date fund, Mr. Park said.
The target-date fund series has a customized glidepath and asset allocation “that incorporates the specific attributes inherent to Schlumberger’s plan,” said a Voya news release issued Monday.