General Electric Co., Boston, hired BlackRock as the manager of the target-date fund lineup in its 401(k) plan, the company disclosed in its 11-K filing with the SEC on June 19.
BlackRock replaced AllianceBernstein effective May 1, according to the filing. A reason for the change was not provided.
AllianceBernstein had previously managed 13 target-date funds for the 401(k) plan: the Target Retirement Income Fund and 12 funds for target retirement dates 2005 through 2060, in five-year increments.
The plan on May 1 also changed the composition of the underlying funds and glidepath "such that the 'landing point' has become the target retirement date (rather than 15 years after that date). In addition, the 2005, 2010 and 2015 target retirement-date funds were consolidated into the Target Retirement Income Fund, according to the filing.
As of Dec. 31, the GE Retirement Savings Plan had $28.2 billion in assets, according to the 11-K filing. According to Pensions & Investments data, target-date funds had $5.3 billion in assets as of Sept. 30.
GE officials could not be reached to provide further information.
