Foot Locker Inc., New York, added a series of 11 target-date funds managed by State Street Global Advisors to the investment options lineup of its 401(k) plan.
The SSGA TargetRetirement funds were added in 2019 and had a total of $146 million in assets in the plan as of Dec. 31, according to the company's 11-K filing with the SEC Monday.
Also during 2019, the plan removed a similar series of 12 target-date funds managed by Northern Trust Asset Management. That series had a total of $112 million in assets in the plan as of Dec. 31, 2018, according to the company's prior 11-K filing.
The new filing did not provide a reason for the change.
As of Dec. 31, the Foot Locker 401(k) Plan had $316 million in assets, according to the new 11-K filing. As of that same date, the plan had eight individual investment options and a common stock fund in addition to the SSGA target-date fund series.
Foot Locker spokeswoman Mary Signorino said in an email the change was made “to better align with the long-term interests of our participants.”
