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Lam Research turns to SSGA for passive CITs in 401(k) plan | Pensions & Investments

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Date: 2022-06-17 18:03:31

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Lam Research Corp., Fremont, Calif., added four new investment options to the lineup of its 401(k) plan.

The company added three passive collective investment trusts managed by State Street Global Advisors and an active emerging markets equity mutual fund managed by Fidelity Investments to the lineup during 2021, according to a comparison of its new 11-K filing with the SEC Thursday and last year's filing.

The SSGA CITs are the State Street S&P 500 Index Securities Lending Series CIT, State Street Russell Small/Mid Cap Index Securities Lending Series CIT and State Street U.S. Bond Index Securities Lending CIT, which had $256 million, $103 million and $36 million, respectively, in plan assets as of Dec. 31, according to the new 11-K filing.

Also as of that date, the Fidelity Emerging Markets Fund had $11 million in assets in the plan.

The comparison also shows the plan during 2021 removed three passive mutual funds managed by Vanguard Group and an active emerging markets equity fund managed by Dimensional Fund Advisors.

As of Dec. 31, 2020, the Vanguard Institutional Index Fund, Vanguard Extended Market Index Fund and Vanguard Total Bond Market Index Fund had $185 million, $89 million and $44 million, respectively, in assets in the plan, according to the prior 11-K filing.

Also as of that date, the DFA Emerging Markets Portfolio had $8 million in assets in the plan, the prior filing shows.

The new 11-K filing does not provide a reason for the changes.

As of Dec. 31, the Lam Research 401(k) Savings Plus Plan had $2.6 billion in assets, according to the new 11-K filing.

Lam Research officials could not be immediately reached for further information.

Original Source: https://www.pionline.com/searches-and-hires/lam-research-turns-ssga-passive-cits-401k-plan