Horace Mann Educators Corp., Springfield, Ill., added four index fund collective investment trusts managed by State Street Global Advisors to the investment options lineup of its 401(k) plan in 2020, confirmed company spokeswoman Michelle Eccles in an email.
The CITs replaced four similar iShares index mutual funds managed by BlackRock “to provide participants with lower cost share classes,” according to the company’s 11-K filing with the SEC June 25.
As of Dec. 31, the State Street S&P 500 Index, State Street Russell Small/Mid Cap Equity Index, State Street U.S. Bond Index and State Street Global All Cap Equity ex-U.S. Index CITs had $27 million, $11 million, $5 million and $4 million, respectively, in assets in the plan, according to the new 11-K filing.
As of Dec. 31, 2019, the iShares S&P 500 Index Fund, iShares Russell Small/Mid Cap Index Fund, iShares U.S. Aggregate Bond Index Fund and iShares MSCI Total International Index Fund had $29 million, $9 million, $4 million and $4 million, respectively, in assets in the plan, according to the prior 11-K filing.
As of Dec. 31, the Horace Mann 401(k) Plan had $229 million in assets, according to the new 11-K filing.
Jenny Thayer, the company’s chief human resources officer, said in a statement: “The Horace Mann Pension Committee routinely reviews the company’s retirement plan offerings in an effort to ensure competitiveness within the market, and as a fiduciary responsibility. The Committee takes into account best practices and expense reduction consistent with its duties as fiduciary to the plan. Moving these four funds resulted in a reduction of investment fees paid by participants for these funds. The changes were finalized by April 1, 2020.”
