Salt River Materials Group, Scottsdale, Ariz., is adding the Metropolitan West Total Return Bond Fund and the Vanguard Total Bond Market Index Fund to the investment options lineup in its 401(k) plan.
The Metropolitan West Asset Management fund replaces the PIMCO Total Return Fund. The reason for the change is the departure from PIMCO of William H. Gross, the firm’s co-founder and chief investment officer, on Sept. 26, said a memo to employees from Sharon Moran, benefits manager.
Participants in the Pacific Investment Management Co. fund will be mapped directly to the MetWest fund effective May 15. The Vanguard Group fund is an addition to the fund lineup.
As of Dec. 31, 2013, the Salt River Materials Group 401(k) Plan had $36 million in assets, according to the company’s most recent Form 5500 filing.
Ms. Moran referred questions to Doreen Peters, human resources manager, who did not immediately return a phone call seeking further information.