AutoNation Inc., Fort Lauderdale, Fla., is adding three investment options and a new target-date fund lineup, and removing four investment options and its company stock fund in its 401(k) plan following a review by the company’s benefits committee, said Julie Staub, vice president, human resources, in an e-mail.
The plan is adding the Total Bond Market and Total International Stock index funds managed by Vanguard Group and the Non-Lending Russell Small/Mid Cap index fund managed by State Street Global Advisors, as well as a target-date fund lineup managed by J.P. Morgan Asset Management.
The plan is removing the Alger Small Cap Growth Institutional fund, from which participants are being mapped to the ClearBridge Small Cap Growth Fund; the J.P. Morgan Mid Cap Value fund, from which participants are being mapped to the Vanguard Selected Value Fund; Pacific Investment Management Co.’s Total Return Fund, from which participants are being mapped to the Baird Core Plus Bond fund; and the Wells Fargo/BlackRock S&P 500 index collective investment trust, from which participants are being mapped to the Vanguard Institutional Index fund. All the funds to which the removed funds are mapping are existing funds offered in the plan.
Also, the plan is freezing and removing the AutoNation Inc. company stock fund.
The changes are effective at 9 a.m. EST on Dec. 3 and also include share-class changes to five other funds to lower investment fees.
The overall changes are “part of our employee benefits committee’s ongoing review of all funds within the plan to ensure that we are offering participants an appropriate menu of high-quality, diverse funds with transparent fees and expenses,” Ms. Staub said.
Following the changes, the plan will have 16 investment options plus the target-date fund lineup.
As of Dec. 31, the AutoNation 401(k) plan had $491 million in assets, according to the company’s most recent Form 5500 filing.