Gorman-Rupp Co., Mansfield, Ohio, added a lineup of nine TIAA-CREF Lifecycle Funds to its 401(k) plan lineup during 2018, the company disclosed in an 11-K filing with the SEC.
The target-date fund lineup managed by Nuveen had $7 million in assets in the plan as of Dec. 31, according to the June 21 filing. The previous 11-K filing, with data as of Dec. 31, 2017, did not list any target-date fund lineup in the plan.
Also during 2018, the plan added the iShares S&P 500 Index Fund, managed by BlackRock, which had $4 million in assets in the plan as of Dec. 31.
Funds removed during 2018 were the American Century Equity Growth Fund, an active domestic large-cap growth equity fund, and the American Century Strategic Allocation Aggressive Fund, a global asset allocation, both managed by American Century Investments. The funds had $5 million and $2 million, respectively, in assets in the plan as of Dec. 31, 2017, according to the company's previous 11-K filing.
The plan also removed the John Hancock Disciplined Value Mid Cap Fund, an active domestic midcap value equity fund managed by John Hancock Advisers and subadvised by Boston Partners Global Investors; and the Putnam Dynamic Asset Allocation Conservative Fund, a global asset allocation fund managed by Putnam Investments. The funds had $3 million and $1 million, respectively, in assets in the plan as of Dec. 31, 2017.
Also removed were the First Eagle Global Fund, a global asset allocation fund managed by First Eagle Investment Management; and the Parametric Emerging Markets Investor Fund, an active emerging markets equity fund managed by Parametric Portfolio Associates. Each fund had about $1 million in assets in the plan as of Dec. 31, 2017, according to the company's previous 11-K filing.
The reason for the changes was not provided.
As of Dec. 31, the Gorman-Rupp Co. 401(k) Plan had $66 million in assets. As of that same date, the plan had 17 investment options, a common stock fund and the TIAA-CREF target-date fund lineup.
Brigette A. Burnell, corporate secretary, could not be immediately reached to provide further information.
