South State Corp., Columbia, S.C., added five index funds managed by Fidelity Investments to the investment options lineup of its 401(k) plan.
As of Dec. 31, the Fidelity 500 Index Fund had the most assets in the plan of the five funds added in 2019, with $25 million, according to the company's June 26 11-K filing with the SEC.
Also added were the Fidelity U.S. Bond Index Fund, Fidelity Small Cap Index Fund, Fidelity International Index Fund and Fidelity Mid Cap Index Fund, which had $4 million, $3 million, $2 million and $2 million, respectively, in assets in the plan as of Dec. 31.
Also during 2019, the plan removed five index funds managed by Vanguard Group.
The Vanguard 500 Index Fund Admiral Shares had the most assets of the five funds removed. It had $16 million in assets in the plan as of Dec. 31, 2018, according to the company's prior 11-K filing.
Also removed were the Vanguard Intermediate-Term Bond Index Fund, Vanguard Mid-Cap Index Fund, Vanguard Developed Markets Index Fund and Vanguard Small-Cap Index Fund, which had $3 million, $2 million, $2 million and $2 million in assets in the plan, respectively, as of Dec. 31, 2018.
The new 11-K filing did not provide a reason for the changes.
As of Dec. 31, the South State Bank 401(k) Retirement Savings Plan had $260 million in assets, according to the new 11-K filing. As of that same date, the plan had 17 investment options, a common stock fund and a target-date fund lineup managed by Vanguard.
Spokeswoman Kellee McGahey could not be immediately reached for further information.