Business First Bancshares Inc., Baton Rouge, La., overhauled the investment options lineup of its 401(k) plan.
The bank replaced 11 individual investment options and its target-date fund lineup effective Jan. 4, according to the company's 11-K filing with the SEC on June 29.
The changes took place on the same day the plan's record keeper changed to Empower Retirement from MassMutual Financial, the day Empower's acquisition of MassMutual's record-keeping business closed.
Among the individual investment options that were changed, the plan added five index funds managed by Fidelity Investments to replace five similar index funds managed by Vanguard Group. As of Dec. 31, the Vanguard Total International Stock Index Fund, Vanguard Total Bond Market Index Fund, Vanguard 500 Index Fund, Vanguard Mid-Cap Index Fund and Vanguard Small-Cap Index Fund had a total of $8 million in assets in the plan, according to the 11-K filing.
The plan also added the T. Rowe Price Blue Chip Growth Fund, an active domestic large-cap growth equity fund managed by T. Rowe Price Group, which replaced the Clearbridge Large Cap Growth Fund, a similar fund managed by Clearbridge Investments. The latter fund had $5 million in assets in the plan as of Dec. 31, according to the filing.
Each of the other five individual investment options that were replaced had less than $1 million in assets in the plan each. The 11-K filing did not identify the new or replaced managers of the target-date funds.
As of Dec. 31, the b1BANK Employee Retirement Plan and Trust had $47 million in assets, according to the 11-K filing.
Company spokeswoman Misty Albrecht could not be immediately reached for further information.
