Umpqua Holdings Corp., Portland, Ore., added a target-date fund series managed by Vanguard Group to the investment options lineup of its 401(k) plan.
The bank added the target-date funds during 2022, according to comparison of the June 28 11-K filing from Columbia Banking System Inc., Tacoma, Wash., which merged with Umpqua in February, and last year's filing.
As of Dec. 31, the 11 Vanguard target-date funds had a total of $226 million in assets in the plan, according to the new 11-K filing.
The comparison also shows the plan removed a similar target-date fund series managed by J.P. Morgan Asset Management during 2022.
As of Dec. 31, 2021, the nine J.P. Morgan SmartRetirement target-date funds had a total of $270 million in assets in the plan, according to the prior 11-K filing.
The new 11-K filing did not provide a reason for the change.
As of Dec. 31, the Umpqua Bank 401(k) and Profit Sharing Plan had $396 million in assets, according to the new 11-K filing.
Umpqua officials could not be immediately reached for further information.