The Nokia Solutions and Networks Savings plan will merge into the Alcatel-Lucent Savings/401(k) plan, effective Jan 1.
Nokia Corp. completed its acquisition of Alcatel-Lucent in January.
Aon Hewitt, the incumbent record keeper for Alcatel-Lucent, will serve as the record keeper for the merged plan, which will be renamed the Nokia Savings/401(k) Plan, a Nokia presentation shows.
The merged plan's lineup mirrors the legacy Alcatel-Lucent lineup, which consists of a series of target-date funds managed by AllianceBernstein and 11 stand-alone white-label options — short-term bond, money market, bond, balanced real asset, U.S. large-cap value equity, U.S. equity index, U.S. large-cap growth equity, U.S. midcap equity, U.S. small-cap equity, international equity and international equity index funds.
The legacy Nokia plan had a series of Vanguard target-date funds. It also offered 12 stand-alone funds — three Vanguard equity funds, Pacific Investment Management Co.'s Total Return Fund, Fidelity's Contrafund and Managed Income Portfolio II, John Hancock Funds' DiAllianz Global Investorsund, Allianz Global Investors' NFJ Small-Cap Value fund, Capital Group's American Funds EuroPacific Growth Fund and American Balanced fund, a Nokia stock fund and a Siemens stock fund.
As of the Dec. 31, the legacy Alcatel-Lucent plan had $7.2 billion in assets and the legacy Nokia 401(k) plan, $646.5 million, for a total $7.85 billion, according to their most recent Form 5500 filings.
The Nokia presentation also disclosed that matching Nokia contributions are being eliminated from the defined contribution plan. However, legacy Nokia employees will be enrolled in the legacy Alcatel-Lucent Cash Account Program, a defined benefit plan, which Nokia will contribute to.
There will be no changes to the existing Nokia or Alcatel-Lucent pension plans.
A Nokia spokeswoman could not be reached for additional information by press time.