Waste Management Inc., Houston, has trimmed the number of investment options in its 401(k) plan and added a new target-date collective investment trust lineup managed by Pacific Investment Management Co.
The changes were effective April 1, confirmed company spokeswoman Janette Micelli. The new target-date CIT lineup replaced a similar lineup managed by J.P. Morgan Asset Management.
The J.P. Morgan target-date fund lineup had $951 million in assets in the plan as of Dec. 31, according to the filing.
The plan also added BlackRock Equity Index Fund, a passive domestic large-cap equity fund, which replaced three other funds: the BlackRock Russell 1000 Value Index Fund, a passive domestic large-cap value equity fund; the T. Rowe Price Blue Chip Growth Trust, an active domestic large-cap growth fund managed by T. Rowe Price Group; and the Vanguard Institutional Total Stock Market Index Fund, a passive domestic large-cap equity fund managed by Vanguard Group.
Also, the plan added the BlackRock EAFE Equity Index Fund, a passive international equity fund, replacing the American Funds EuroPacific Growth Fund, an active international equity fund managed by Capital Group.
The plan also added the Fidelity Small-Cap Index Fund, a passive domestic small-cap equity fund managed by Fidelity Investments, replacing a similar fund managed by Vanguard.
Participants in prior funds were automatically mapped to replacement funds.
Also added to the plan, not replacing any prior funds, were the PIMCO International Bond Fund (U.S. Dollar-Hedged), and the Principal Diversified Real Asset Fund, a real assets fund managed by Principal Global Investors.
Ms. Micelli said the plan’s investment committee “regularly reviews the plans investment options and makes changes from time to time to provide a competitive, balanced and cost-effective slate of choices for plan participants.”
Investment options that remain in the plan after Dec. 31 are the DFA Emerging Markets Core Equity Portfolio, an active emerging markets equity fund managed by Dimensional Fund Advisors, and the Lord Abbett Total Return Fund, an active domestic core-plus fixed-income collective investment trust managed by Lord Abbett & Co.
The latter fund replaced a passive domestic fixed-income fund managed by Vanguard Group in 2019.
As of Dec. 31, the Waste Management Retirement Savings Plan had $3.3 billion in assets, according to the 11-K filing.
