Averitt Express Inc., Cookeville, Tenn., is abacus the Metropolitan West Total Return Bond armamentarium as an advance advantage in its 401(k) plan, replacing PIMCO’s Total Return Fund, said George Johnson, controlling carnality admiral and arch banking officer.
Mr. Johnson said the change is due to the abandonment aftermost abatement of William H. Gross, co-founder and arch advance administrator of Pacific Advance Management Co., and to underperformance the aftermost few quarters.
Mark Porterfield, PIMCO spokesman, said in an e-mail that aggregation admiral beneath to comment.
The plan is abacus the fund, managed by Metropolitan West Asset Management, able May 28; participants in the PIMCO armamentarium will be automatically mapped to the new fund.
As of Dec. 31, 2013, the latest abstracts available, the Averitt Express Inc. Profit Sharing and 401(k) Plan had $270 actor in assets, according to the company’s Form 5500 filing. As of that aforementioned date, Averitt participants had $13 actor in the PIMCO Total Return Fund.
The plan has 11 advance options and a Wells Fargo target-date armamentarium lineup.
Contact Rob Kozlowski at [email protected] · @Kozlowski_PI
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