Best Buy Co. Inc., Richfield, Minn., added the PGIM Core Plus Bond Fund and the BlackRock U.S. Debt Index Fund to the investment options lineup of its 401(k) plan in 2020.
Also in 2020, the plan removed the PIMCO Total Return Bond Fund and BlackRock Russell 2000 Value Index Fund from the lineup, the company disclosed in its 11-K filing with the SEC Monday.
The change was effective Aug. 21, 2020. The filing did not provide a reason for the change.
As of Dec. 31, the active core-plus fixed-income fund managed by PGIM Fixed Income had $260 million in assets in the plan and the passive domestic fixed-income fund managed by BlackRock had $23 million in assets in the plan, according to the filing.
The removed funds, an active domestic core-plus fixed-income fund managed by Pacific Investment Management Co. and a passive domestic small-cap value equity fund managed by BlackRock, had $144 million and $60 million, respectively, in assets in the plan as of Dec. 31, 2019, according to the prior 11-K filing.
As of Dec. 31, the Best Buy Retirement Savings Plan had $2.5 billion in assets, according to the new 11-K filing.
Best Buy officials could not be immediately reached for further information.
