PHOENIX - Eagle-Picher Industries Inc. has streamlined its retirement program.
"What we were looking for was one service center for employees for the ($70 million) 401(k) and ($250 million) defined benefit plans, and one 800 number to serve both," said Teri Hoctor, manager of employee benefits for Eagle-Picher, Phoenix. Executives also wanted to outsource the defined benefit plan's administration, she said. Previously, the 401(k) was the only outsourced plan.
After a search, Eagle-Picher executives late last year selected the services of a year-old joint venture between J.P. Morgan/American Century Retirement Plan Services and Towers Perrin. Towers Perrin provides defined benefit administration and record keeping, while J.P. Morgan/American Century provides the defined contribution record keeping.
Eagle-Picher's bundled 401(k) provider was CitiStreet, which had subcontracted the record keeping to PFPC. Bank of New York, which was trustee for both plans, continues as trustee of the defined benefit plan.
All the 401(k) investment options are managed by American Century and J.P. Morgan Fleming, and J.P. Morgan Fleming is providing the investment management for the defined benefit plan.