Parker Hannifin Corp., Cleveland, added the Callan Glidepath Funds as its new target-date fund lineup and made other investment options changes in its 401(k) plan in 2019, according to the industrial machinery and equipment company's 11-K filing with the SEC Wednesday.
The plan added the series of 12 Callan Glidepath collective investment trusts, the plan's investment consultant, effective Sept. 30, according to the filing.
As of Dec. 31, the Callan Glidepath CITs had a total of $1.5 billion in assets in the plan, according to the 11-K filing.
The lineup replaces the target-date fund lineup managed by Northern Trust Asset Management. That lineup's 12 funds had a total of $1.2 billion in assets in the plan as of Dec. 31, 2018, according to Parker Hannifin's prior 11-K filing.
The new 11-K filing also disclosed the addition of two other Callan Open Architecture options effective Sept. 30: the Callan Small Cap Equity trust and the Callan Diversified Real Assets trust, which had $250 million and $1 million in assets in the plan, respectively as of Dec. 31.
Also effective Sept. 30, the company removed the FIAM Small Company Fund, an active domestic small-cap equity fund managed by Fidelity Institutional Asset Management, and the RidgeWorth Mid-Cap Value Equity Trust, an active domestic midcap value equity fund managed by RidgeWorth Investments.
Assets in both funds were mapped to the Callan Small Cap Equity trust. As of Dec. 31, 2018, the funds had $157 million and $68 million in assets in the plan, respectively, according to the prior 11-K filing.
Also removed effective Sept. 30 were the Aberdeen Emerging Markets Equity Collective Fund, an active emerging markets equity trust managed by Aberdeen Standard Investments, and the BlackRock Inflation-Protected Bond Fund. Assets were mapped to the Callan Glidepath Funds.
As of Dec. 31, 2018, the Aberdeen and BlackRock funds had $17 million and $21 million in assets in the plan, respectively, according to the prior 11-K filing.
The reasons for the changes were not provided.
As of Dec. 31, the Parker Retirement Savings Plan had $5.3 billion in assets, according to the new 11-K filing.
Company spokesman Aidan Gormley could not be immediately reached for further information.
