Huntington Ingalls Industries Inc., Newport News, Va., is adding the Metropolitan West Total Return Bond Fund as an investment option in one of its 401(k) plans, said Jim Taylor, vice president, compensation and benefits.
The MetWest fund will replace the PIMCO Total Return Fund effective March 9. Participants in the PIMCO fund will automatically be mapped to the MetWest fund.
Mr. Taylor did not give a reason for the change, but it is the latest plan to remove PIMCO's flagship fund since the departure of co-founder and Chief Investment Officer William H. Gross on Sept. 26.
The Huntington Ingalls Industries Inc. Newport News Operations Savings (401(k)) Plan for Union Eligible Employees has 12 investment options and a target-date fund lineup and had $236 million in assets as of Dec. 31, 2013, according to the company's most recent Form 5500 filing. The plan had $6 million in the PIMCO Total Return Fund at that time.
