Continental Materials Corp., Chicago, added two index funds managed by Fidelity Investments to the investment options lineup of its 401(k) plan in 2019, spokesman Guy Chipparoni said.
The plan added the Fidelity Total Market Index fund and the Fidelity Total International Index fund in the year ended Dec. 31. The funds had $9 million and $1 million in assets in the plan, respectively, as of Dec. 31, according to the company’s 11-K filing Thursday.
The plan removed the iShares Total U.S. Stock Market Index Fund and the Vanguard Total International Stock Index Fund, managed by Vanguard Group, during the year. As of Dec. 31, 2018, those funds had $9 million and $1 million in assets in the plan, respectively, according to the company's prior 11-K filing.
Mr. Chipparoni said the plan switched to the Fidelity funds because they “offered nearly 50% cost savings to participants.”
As of Dec. 31, the Continental Materials Corp. Employees Profit Sharing Retirement Plan had $43 million in assets, according to the new 11-K filing. As of that same date, the plan had 10 individual investment options, a common stock fund and a target-date fund lineup managed by J.P. Morgan Asset Management.