Marvin Windows and Doors Inc., Warroad, Minn., is adding eight investment options to its profit sharing and 401(k) plan, said James Cole, director of tax.
The options will be added effective April 1. Mr. Cole said the changes are the result of an overall review of the fund lineup, which the company hadn't done for a number of years, and deciding “we could do better.”
The plan is adding the Dreyfus Research Growth Fund. Participants will be mapped to it from three domestic equity funds that will be discontinued: American Funds Growth Fund of America; Columbia Select Large Cap Growth Fund, managed by Columbia Management; and Wells Fargo Advantage Diversified Equity Fund.
Also, the plan is adding the Fidelity Spartan Extended Market Index Fund, a passive domestic smidcap equity fund managed by Fidelity Investments, to which participants in the discontinued Wells Fargo Advantage Small Cap Opportunities Fund will be mapped; the Wells Fargo/BlackRock S&P 500 index collective investment trust, to which participants in the discontinued Wells Fargo Advantage Index Fund will be mapped; and the Western Asset Core Plus Bond Fund, a domestic fixed-income fund managed by Western Asset Management Co. to which participants from the discontinued PIMCO Total Return Fund managed by Pacific Investment Management Co. will be mapped.
The plan is also adding U.S. midcap and small-cap equity funds to the lineup: Eagle Mid Cap Growth Fund, managed by Eagle Asset Management; Goldman Sachs Small Cap Value Fund, managed by Goldman Sachs Asset Management; MFS Mid Cap Value Fund, managed by MFS Investment Management; and Voya SmallCap Opportunities Fund, managed by Voya Investment Management. There are no discontinued funds associated with these additions.
The changes will give the plan a total of 12 investment options, plus a Wells Fargo target-date fund lineup.
As of Nov. 30, 2013, The Marvin Companies Profit Sharing and 401(k) Plan had $299 million in assets, according to the company's most recent Form 5500 filing.
As of that same date, among the funds to be discontinued, the Wells Fargo Advantage Diversified Equity Fund had $41 million in assets and the Wells Fargo Advantage Small Cap Opportunities Fund had $23 million in assets. Asset information on the other discontinued funds was not available.