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July 10, 2023 12:41 PM

Chevron taps BlackRock as target-date, index fund manager for 401(k)

Rob Kozlowski
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    Bloomberg

    Chevron Corp., San Ramon, Calif., hired BlackRock as the new target-date fund and index fund manager for its 401(k) plan to manage up to $8 billion as many states are claiming the money manager is boycotting energy companies.

    The oil company's 401(k) plan committee approved making "notable changes" to the plan's investment options lineup in November, according to its June 23 11-K filing with the SEC.

    Those included "transitioning all target date and most index funds from Vanguard to BlackRock," which were all effective May 31, according to the 11-K filing.

    Chevron spokesman Randy Stuart said in an email that the company periodically reviews the plan "to ensure it continues to meet financial goals in retirement. The announced changes are a result of a recent review focused on the Plan's investment options, fund performance, investment glide path and fees. The plan will continue to offer a diverse set of investment options for participants to create portfolios that align with their personal goals and risk tolerance."

    As of Dec. 31, the plan had eight index funds managed by Vanguard Group in the investment options lineup, according to the 11-K filing. The funds had $6.6 billion in assets in the plan as of that date, while Vanguard's 12 target-date funds had a total of $1.8 billion in assets in the plan.

    The hiring of BlackRock by a prominent oil company to manage up to $8 billion in its 401(k) plan assets is notable in an environment in which states including Kentucky, Oklahoma and Texas have claimed the world's largest money manager is boycotting energy companies such as Chevron. A BlackRock spokeswoman declined to comment.

    As of Dec. 31, the Chevron Employee Savings Investment Plan had $18.9 billion in assets, according to the 11-K filing.


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    October 23, 2023 page one

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