Avis Budget Group Inc., Parsippany, N.J., added a target-date fund series managed by Vanguard Group to the investment options lineups of its two 401(k) plans.
As of Dec. 31, the series of 12 Vanguard target-date funds had a total of $60 million in assets in the two plans, according to the company's two 11-K filings with the SEC June 25.
A comparison of the company's new 11-K filings and last year's filings show the plans did not previously offer a target-date fund series and also removed three funds from the lineups in 2020.
The comparison shows the company removed the Oakmark Equity & Income Fund and the American Funds Growth Fund of America from both plans' lineups.
As of Dec. 31, 2019, the asset allocation fund managed by Harris Associates and the active domestic large-cap growth equity fund managed by Capital Group had totals of $66 million and $63 million, respectively, in assets in both plans, according to the prior 11-K filings.
The company also removed the Harding Loevner Emerging Markets Fund from its primary 401(k) plan. The 401(k) plan for bargaining hourly employees had not offered the Harding Loevner fund.
As of Dec. 31, 2019, the active emerging markets equity fund managed by Harding Loevner had $9 million in assets in the primary 401(k) plan, according to its prior 11-K filing.
The new 11-K filings did not provide reasons for the changes.
As of Dec. 31, the Avis Budget Group Inc. Employee Savings Plan had $675 million in assets and the AB Car Rental Services Inc. Retirement Savings Plan for Bargaining Hourly Employees had $62 million in assets, according to the company's new 11-K filings.
Company spokesman David Calabria could not be immediately reached for further information.