Aon PLC has dropped the company stock fund from the investment lineup of its 401(k) plan for U.S. employees, according to its 11-K filing with the Securities and Exchange Commission.
The Aon Savings Plan, Chicago, had $5.3 billion in assets as of Dec. 31, according to the 11-K. Aon's company stock accounted for $238.3 million.
The 11-K statement gave no reason for dropping the fund, noting it was discontinued on April 1. Effective Dec. 1, 2017, the stock fund will be liquidated and removed from the plan.
"After March 31, participants cannot contribute or transfer any savings into the Aon Stock Fund, including employee contributions, Aon matching contributions, fund transfers-in, loan repayments, and rollover contributions," the 11-K said.
Any company stock investments not moved by participants will be transferred to the appropriate target-date fund.
"We have eliminated the option to invest in the company's stock to encourage greater diversification of retirement savings," Maurissa Kanter, a company spokeswoman, wrote in an email. "Colleagues will reallocate their investment in the Aon Stock Fund into another, better diversified, investment option within the 401k plan."
