The $4.5 billion 401(k) plan at Eli Lilly & Co. underwent a bit of an overhaul this month, adding a real assets option, increasing exposure to emerging markets and including a fixed-income option.
It's been almost eight years since the plan was reviewed.
"The driver was a part of Lilly's commitment to better benefits and competitive benefit plans for our employees," said Bryan Dunnivant, investment director of the pension and benefits group.
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The Eli Lilly Savings Plan additions included: a real assets option (physical assets with tangible assets such as precious metals, real estate or commodities); two active equity options; and a fixed income amount option.
These additions replaced three active domestic equity options, two domestic index funds and two international developed markets equity options. Four options remained in place: Lilly company stock, a self-directed mutual fund and a target-date fund suite.
The changes were designed to broaden investment parameters and take advantage of emerging international markets.
These changes went into effect July 1, following a six-month transition period.
Eli Lilly relied on investment advice from Aon Hewitt Financial Advisors and Financial Engines Inc. Aon Hewitt was retained as the 401(k) plan's record-keeper.
Employees were guided through the updates through an internal company website. The advice was dispensed in two ways: free or fee-based.
The free online advice took into account the participant's age, fund balance and overall savings balance. In return the program provided various retirement scenarios (including the projected Eli Lilly plan and Social Security benefits) for different retirement ages.
The fee-based service was a professionally managed, individual account with asset allocations periodically adjusted over time.
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