C&F Financial Corp., West Point, Va., hired Voya Financial as record keeper of its 401(k) plan and overhauled its investment options lineup in 2020.
Voya replaced Reliance Trust Co. in July 2020, according to the company's 11-K filing with the SEC on Monday.
A comparison of the new 11-K filing with last year's 11-K filing also shows the company completely overhauled its investment options lineup in 2020.
Only one investment option — the American Funds EuroPacific Growth Fund, an international equity fund managed by Capital Group — was retained in 2020, according to a comparison of the filings.
Among the changes was the addition of a series of 12 target-date funds managed by Vanguard Group. As of Dec. 31, the series had a total of $28 million in assets in the plan, according to the new 11-K filing.
The plan removed a similar series of nine target-date funds managed by J.P. Morgan Asset Management, which had a total of $2 million in assets in the plan as of Dec. 31, 2019, according to the prior 11-K filing.
Other new funds added in 2020 included four index funds managed by Fidelity Investments: the Fidelity 500 Index Fund, Fidelity Extended Market Index Fund, Fidelity Total International Index Fund and Fidelity U.S. Bond Index Fund, which had a total of $3 million in assets in the plan as of Dec. 31.
Other funds removed from the plan in 2020 included three active funds managed by T. Rowe Price Group. As of Dec. 31, 2019, the manager's Institutional Large Cap Growth Fund, Mid Cap Growth Fund and Total Equity Market Index Fund had a total of $8 million in assets in the plan, according to the prior 11-K filing.
The new 11-K filing did not provide reasons for the changes.
As of Dec. 31, the Virginia Bankers Association Defined Contribution Plan for Citizens and Farmers Bank had $45 million in assets, according to the new 11-K filing.
Jason E. Long, executive vice president and chief financial officer, could not be immediately reached for further information.