Phillips 66, Houston, removed the Vanguard Federal Money Market Fund from the investment options lineup of its 401(k) plan in 2022.
The oil company removed the money market fund managed by Vanguard Group to simplify its capital preservation options, according to its June 21 11-K filing with the SEC.
"The removal of this fund eliminated a redundancy in the investment lineup, as participants primarily utilized the Invesco Stable Value fund for their capital preservation alternative," according to the filing.
As of Dec. 31, 2021, the Vanguard Federal Money Market Fund had $131 million in assets in the plan, according to the company's prior 11-K filing.
As of Dec. 31, the Phillips 66 Savings Plan had $6.1 billion in assets, according to the new 11-K filing.
Officials at Phillips 66 could not be immediately reached for further information.