Applied Industrial Technologies Inc., Cleveland, hired Principal Financial Group as record keeper of its 401(k) plan, the company disclosed in an 8-K filing with the Securities and Exchange Commission on Thursday.
Principal will replace Wells Fargo. A blackout period for participants begins on March 3 and will end during the week of March 19.
As of Dec. 31, 2015, the Applied Industrial Technologies Inc. Retirement Savings Plan had $419 million in assets, according to the company's most recent 11-K filing. As of that date, the plan had 25 investment options and a target-date fund lineup managed by Vanguard Group.
Gregory Krupa, human resources manager, could not be immediately reached to provide further information.