Bright Horizons Family Solutions Inc., Watertown, Mass., launched an entirely new investment option lineup for its 401(k) plan in 2018, the company disclosed in its 11-K filing with the SEC.
The June 21 filing did not give a specific reason for the changes, but Fidelity Investments became the plan's new record keeper in August, replacing MassMutual Financial.
As part of the changes, the plan added a target-date fund lineup managed by Vanguard Group, which consists of 10 mutual funds with combined assets of $231 million as of Dec. 31, according to the filing. The target-date fund lineup held 90.6% of the Bright Horizon 401(k) Plan's $255 million in assets as of that date.
The lineup replaced a similar target-date fund lineup managed by T. Rowe Price Group, which had a combined $73 million in assets in the plan as of Dec. 31, 2017, according to the previous 11-K filing.
New funds that each held over $1 million in assets in the plan as of Dec. 31 were: the Fidelity Investments' Total Market Index fund, which had $5 million in assets in the plan; Wells Fargo Asset Management's Stable Value fund, $4 million; J.P. Morgan Asset Management's U.S. Equity fund, $2 million; Rothschild Asset Management's U.S. Small/Mid-Cap Core CIT fund, $2 million; and Vanguard Group's Total International Stock Index fund, $1 million.
The plan has a total of 10 investment options, plus a common stock fund and Vanguard's target-date fund lineup.
Funds removed during 2018 that previously had more than $10 million in assets in the plan were: MassMutual Financial Group's Annuity Contract, which had $41 million in assets in the plan as of Dec. 31, 2017, according to the company's previous 11-K filing; Northern Trust Asset Management's S&P 500 Index fund, which had $32 million in assets; the Barings Premier Disciplined Growth fund, an active domestic large-cap growth equity fund managed by MML Investment Management and subadvised by Barings, $29 million; T. Rowe Price New Horizons Fund, an active domestic midcap growth equity fund managed by T. Rowe Price Group, $25 million; the American Funds EuroPacific Growth Fund, an active international equity fund managed by Capital Group, $13 million; and Vanguard's Small Cap Index Fund, $10 million.
As of Dec. 31, 2017, the plan had 10 investment options, the common stock fund and the T. Rowe Price target-date fund lineup.
Officials at Bright Horizons could not be immediately reached to provide further information.
