Garmin International Inc., Olathe, Kan., added seven investment options to its 401(k) plan lineup during 2018, the company disclosed Wednesday in an 11-K filing with the Securities and Exchange Commission.
The plan added three collective investment trusts and one mutual fund managed by State Street Global Advisors: the S&P 500 index CIT, which had $82 million in assets in the plan as of Dec. 31; the U.S. Extended Market Index CIT, $47 million, the Global All Cap Equity CIT, $1 million, and the U.S. Bond index fund, $1 million.
The plan also added William Blair & Co.'s Small/Mid Cap CIT, which had $44 million in assets in the plan as of Dec. 31, PGIM Fixed Income's Core Plus Bond CIT, which had $28 million and Vanguard Group's inflation-protected securities index fund, which had $1 million.
The plan removed nine options during the year: Vanguard Group's Institutional Index fund, which had $81 million in assets in the plan as of Dec. 31, 2017, according to Garmin's previous 11-K filing. Also removed were Vanguard Group's Small Cap Index fund ($28 million) and Mid Cap Index fund ($25 million).
Also removed was PGIM Fixed Income's Total Return Bond Z fund, which had $29 million in assets in the plan as of Dec. 31, 2017, along with T. Rowe Price Group's Mid Cap Value fund ($19 million), Lazard Asset Management's Emerging Markets Portfolio fund ($9 million), the Invesco Small Cap Discovery fund ($8 million), American Beacon Advisors' Small Cap Value Fund ($6 million) and T. Rowe Price's U.S. Midcap Growth Equity trust ($3 million).
The reason for the changes was not provided. According to the 11-K filing, the Garmin International Inc. Retirement Plan had $821 million in assets as of Dec. 31.
As of that same date, the plan had investment options consisting of nine collective investment trusts, five mutual funds, a self-directed brokerage account, a common stock fund and a target-date fund lineup managed by T. Rowe Price Group.
Carly Hysell, company spokeswoman, could not be immediately reached to provide further information.
