Albemarle Corp., Charlotte, N.C., overhauled the investment options lineup of its 401(k) plan, adding a total of 10 funds and removing 17 others.
Among the funds added in 2019, the fund with the most assets in the plan as of Dec. 31, according to the company's June 30 11-K filing, was the Vanguard Balanced Index Institutional Fund, managed by Vanguard Group, with $79 million.
Other funds also added in 2019 included the Northern Trust Collective Extended Equity Index Fund, managed by Northern Trust Asset Management ($67 million) and the American Funds EuroPacific Growth Fund, an active international equity fund managed by Capital Group ($43 million), the FIAM Small Mid Cap Core Commingled Fund, managed by Fidelity Institutional Asset Management (also $43 million), and the Dodge & Cox Income Fund, active intermediate-term fixed-income fund ($39 million).
Among the funds removed from the lineup in 2019 was the fund with the most assets as of Dec. 31, 2018, according to the company's prior 11-K filing — the American Balanced Fund, managed by Capital Group (with $56 million in assets in the plan).
Other funds removed included: the American Funds Washington Mutual Fund, an active domestic large-cap equity fund managed by Capital Group ($40 million), the PIMCO Total Return Fund, managed by Pacific Investment Management Co. ($29 million), and the State Street Russell Small Cap Index Fund, managed by State Street Global Advisors ($24 million).
Company spokeswoman Hailey Quinn said in an email: “The funds selections were optimized to offer employees relatively equivalent investment choices with lower and more transparent fund management costs.”
As of Dec. 31, the Albemarle Corp. Retirement Savings Plan had $791 million in assets, according to the new 11-K filing. As of that same date, the plan had 17 investment options and a common stock fund.