Chevron Corp., San Ramon, Calif., hired Fidelity Investments as record keeper of its 401(k) plan, said spokeswoman Melissa Ritchie in an email.
Fidelity will replace Vanguard Group effective Jan. 1, 2018. In a newsletter to employees on the website, Chevron said the change came after the company "conducted an extensive review of the leading vendors who provide record-keeping services for plans similar to the (Employee Savings Investment Plan)." Further information on potential investment options changes has yet to be disclosed.
A lawsuit by a group of plan participants filed in February 2016 was dismissed by a U.S. District Court judge in Oakland, Calif., in June. Among the charges against Chevron were "excessive" record-keeping fees to Vanguard in part because Chevron had not put record-keeping services up for bid in six years.
As of Dec. 31, the Chevron Employee Savings Investment Plan had $19.4 billion in total assets, according to the company's most recent 11-K filing.
