National Oilwell Varco Inc., Houston, added the Goldman Sachs Small Cap Fund to the investment options lineup of its primary 401(k) plan.
The active domestic small-cap equity fund managed by Goldman Sachs Asset Management, added during 2019, had $51 million in assets in the plan as of Dec. 31, according to the company's June 26 11-K filing with the SEC.
Also during 2019, the company removed the Allianz NFJ Small Cap Value Fund from the lineup. That active domestic small-cap value equity fund managed by Allianz Global Investors had $41 million in assets in the plan as of Dec. 31, 2018, according to the company's prior 11-K filing.
The company's new 11-K filing did not provide a reason for the change.
Separately, the new 11-K filing disclosed the company had suspended the company match and retirement contribution for the plan except for some union employees, effective May 15.
The reason for the suspension was not provided, but multiple plans have recently suspended matching contributions due to the economic impact of the COVID-19 pandemic.
How long the suspension of the company's 100% contribution of the first 4% of each participant's contribution will last was not available.
As of Dec. 31, the National Oilwell Varco Inc. 401(k) and Retirement Savings Plan had $1.6 billion in assets, according to the new 11-K filing.
Blake McCarthy, vice president, corporate development and investor relations, could not be immediately reached for further information.
