Primis Financial Corp., McLean, Va., added a series of target-date funds managed by Vanguard Group to the investment options lineup of its 401(k) plan in 2020.
As of Dec. 31, the series of 12 Vanguard target-date funds had a total of $18 million in assets in the plan, according to the company's 11-K filing with the SEC on June 29.
A comparison of this year's 11-K filing and last year's filing shows the new target-date funds are part of a complete overhaul of the plan's lineup.
Other new funds include four index funds managed by Fidelity Investments, which had a total of $1 million in assets in the plan as of Dec. 31, and the MFS Growth Fund, an active domestic large-cap growth equity fund managed by MFS Investment Management, which had $2 million in assets in the plan as of that date.
The plan removed all the previous investment options it offered in 2019, the comparison shows. That includes a series of eight target-date funds managed by J.P. Morgan Asset Management, which had a total of less than $1 million in assets in the plan as of Dec. 31, 2019, according to the prior 11-K filing.
The two removed funds with the most assets in the plan, with $3 million each as of Dec. 31, 2019, were the T. Rowe Price Institutional Large Cap Growth Fund, an active domestic large-cap growth equity fund managed by T. Rowe Price Group, and the American Funds EuroPacific Growth Fund, an active international equity fund managed by Capital Group.
The new 11-K filing did not provide a reason for the changes.
As of Dec. 31, the VBA Defined Contribution Plan for Primis Bank had $28 million in assets, according to the new 11-K filing.
Primis Financial officials could not be immediately reached for further information.
