Financial Institutions Inc., Warsaw, N.Y., added a target-date fund lineup managed by Vanguard Group to its 401(k) plan lineup during 2018, the company disclosed in an 11-K filing with the SEC.
The 10 target retirement mutual funds had a combined $35 million in assets in the plan as of Dec. 31, nearly 80% of the plan's total assets of $45 million as of that date, according to the filing, made Monday.
The company did not list a target-date fund lineup in the previous year's 11-K filing.
Most funds in the plan as of Dec. 31, 2017 were removed. Those with the largest number of assets in the plan as of that date were the Oakmark Equity and Income Investor Fund, an active domestic large-cap value equity fund managed by Harris Associates, which had $5 million; the Brown Advisory Growth Equity Fund, an active domestic large-cap growth equity fund, which also had $5 million; and the Dodge & Cox Income Fund, an intermediate-term core fixed income fund, which had $4 million.
As of Dec. 31, the plan had 14 investment options, a common stock fund and the Vanguard target-date fund lineup.
Shelly J. Doran, company spokeswoman, was not available to provide further information by press time.