1st Constitution Bancorp, Cranbury, N.J., added a target-date fund lineup managed by State Street Global Advisors to the investment options lineup of its 401(k) plan in 2019.
The SSGA target-date funds lineup had a total of $4 million in assets in the plan as of Dec. 31, according to an 11-K filing Wednesday with the SEC.
The plan also removed a lineup of target-date funds managed by T. Rowe Price Group during 2019. That lineup had a total of $3 million in assets in the plan as of Dec. 31, 2018, according to the company's prior 11-K filing.
The reason for the changes could not be immediately learned; the bank had announced earlier in 2019 it had hired Principal Financial Group as the plan's record keeper, replacing Newport Group.
As of Dec. 31, the 1st Constitution Bank 401(k) Retirement Savings Plan had $16 million in assets, according to the company's most recent 11-K filing.
Dorine M. Nicol, senior vice president and director of human resources, could not be immediately reached to provide further information.
