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Ball Corp. swaps target-date CIT providers in 401(k) plan | Pensions & Investments

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Date: 2022-06-13 15:58:30

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Ball Corp., Westminster, Colo., overhauled its investment options lineup in 2021.

Among the changes was the hiring of State Street Global Advisors as manager of a series of 10 target-date collective investment trusts, according to a comparison of the company's 11-K filing on June 10 and last year's filing.

As of Dec. 31, the 10 target-date CITs had a total of $1.1 billion in assets in the plan, according to the new 11-K filing.

The comparison of 11-K filings also shows the company removed a series of 13 target-date CITs managed by Vanguard Group in 2021.

As of Dec. 31, 2020, the Vanguard target-date series had a total of $714 million in assets in the plan, according to the prior 11-K filing.

Also during 2021, the plan added four CITs managed by BlackRock, according to the comparison. BlackRock Equity Index CIT, BlackRock Russell 2500 Index CIT, BlackRock MSCI ACWI ex-U.S. CIT and BlackRock Total Return Bond CIT had $501 million, $203 million, $19 million and $4 million, respectively, in assets in the plan as of Dec. 31, according to the new 11-K filing.

The plan also added Aristotle Value Equity CIT, an active domestic large-cap equity CIT managed by Aristotle Capital Management; DFA U.S. Targeted Value Portfolio, an active domestic small-cap value mutual fund managed by Dimensional Fund Advisors; and Dodge & Cox International Stock Fund, an active international equity mutual fund, according to the comparison of the filings.

Those investment options had $96 million, $6 million and $2 million, respectively, in assets in the plan as of Dec. 31, according to the new 11-K filing.

Also during 2021, the plan removed six mutual funds managed by Vanguard, according to the comparison of the filings.

As of Dec. 31, 2020, Vanguard Institutional Index Fund, Vanguard Total Bond Market Index Fund, Vanguard Small-Cap Index Fund, Vanguard Mid-Cap Index Fund, Vanguard Windsor II Fund and Vanguard PRIMECAP Fund had $363 million, $191 million, $99 million, $79 million, $74 million and $31 million, respectively, in assets in the plan, according to the prior 11-K filing.

Also removed during 2021 was American Funds New Perspective Fund, an active global large-cap growth equity mutual fund managed by Capital Group, which had $14 million in assets in the plan as of Dec. 31, 2020, according to the prior 11-K filing.

The new 11-K filing did not provide reasons for the changes.

As of Dec. 31, Ball Corp. 401(k) and Employee Stock Ownership Plan had $3.5 billion in assets, according to the new 11-K filing.

Spokesman Bradford Walton could not be immediately reached for further information.

Original Source: https://www.pionline.com/searches-and-hires/ball-corp-swaps-target-date-cit-providers-401k-plan