Apogee Enterprises Inc., Minneapolis, added a target-date fund series managed by BlackRock to the investment options lineup of its 401(k) plan.
The plan in 2019 added the series of nine BlackRock LifePath target-date index funds, which had a total of $165 million in assets in the plan as of Dec. 31, according to the company's 11-K filing with the SEC on Thursday.
Also during 2019, the plan removed a series of nine target-date funds managed by Northern Trust Asset Management.
Those funds had a total of $149 million in assets in the plan as of Dec. 31, 2018, according to the company's prior 11-K filing.
The new filing did not provide a reason for the change.
As of Dec. 31, the Apogee Enterprises Inc. 401(k) Retirement Plan had $435 million in assets, according to the new 11-K filing. As of that same date, the plan had nine individual mutual fund options, four index collective investment trust options, two separate accounts, two stable value funds, a common stock fund and the BlackRock target-date series.
The company evaluated several target-date managers, including the incumbent, spokesman Jeff Huebschen said. "BlackRock offered a more desirable target-date solution" at a slightly lower cost, he said.
