Granite Services International Inc., Tampa, Fla., is adding the BlackRock Core Bond Fund as an investment option in its 401(k) plan, said Mary Turner, manager, corporate benefits, in an e-mail.
The addition is effective Nov. 17. The domestic core fixed-income fund managed by BlackRock is replacing the PIMCO Total Return Fund, from which participants will be mapped to the new fund. It could not be learned by press time how much of participants’ assets is in the PIMCO fund.
Ms. Turner said the PIMCO fund had been on watch status since the exit of CEO and Co-Chief Investment Officer Mohamed El-Erian in January. The decision to remove the fund came following PIMCO co-founder and CIO William H. Gross’ resignation on Sept. 26.
The plan has 14 investment options and a target-date fund lineup managed by T. Rowe Price Group.
As of Dec. 31, the Granite Services Inc. Retirement Savings Plan and Trust had $156 million in assets, according to the company’s most recent Form 5500 filing.