Washington Federal Inc., Seattle, added the Fidelity Freedom target-date funds to the investment options lineup of its 401(k) plan.
The target-date funds managed by Fidelity Investments, added in 2019, had $97 million in assets in the plan as of Dec. 31, according to the company's June 29 11-K filing with the SEC.
The prior 11-K filing did not have any target-date funds listed. A reason for the addition of the target-date funds was not specifically provided, but the new 11-K filing notes that Fidelity replaced The Newport Group as the plan's record keeper effective Feb. 1, 2019.
The plan also added the Fidelity 500 Index Fund; the Hartford MidCap Fund, an active domestic midcap growth equity fund managed by Hartford Funds and subadvised by Wellington Management; Fidelity U.S. Bond Index Fund; Fidelity Extended Market Index Fund; and American Funds EuroPacific Growth Fund, an active international equity fund managed by Capital Group in 2019.
Those funds had $7 million, $2 million, $1 million, $1 million and $1 million in assets in the plan, respectively, as of Dec. 31, according to the new 11-K filing.
The plan removed 15 investment options in 2019. Among the funds removed, those with the most assets in the plan as of Dec. 31, 2018 according to the prior 11-K filing, were the Vanguard 500 Index Fund Admiral Shares (with $13 million in assets in the plan); ClearBridge Large Cap Growth Fund, an active domestic large-cap growth equity fund managed by ClearBridge Investments ($7 million); and MassMutual Select Mid Cap Growth Fund, an active domestic midcap growth equity fund managed by MML Investment Advisers and subadvised by Frontier Capital Management and T. Rowe Price Group ($4 million).
As of Dec. 31, the Washington Federal Bank 401(k) Plan had $137 million in assets, according to the new 11-K filing. Also as of that date, the plan had 13 individual investment options and a common stock fund along with the Fidelity target-date fund lineup.
Washington Federal officials could not be immediately reached for further information.
