SH Group Inc., New York, hired Fidelity Investments as record keeper of its profit sharing and 401(k) plan, said Jacyntha Nidhan-Persad, senior associate and human resources manager - benefits, in an email.
Fidelity replaced John Hancock Retirement Plan Services, effective March 1. The company sent an RFP in 2016 to five vendors, including John Hancock, Ms. Nidhan-Persad said.
“As part of the committee’s goal to continuously provide the best and most cost effective plan options to participants, it was time to review other record-keeper offerings,” Ms. Nidhan-Persad said.
As of Dec. 31, 2015, the SH Group Inc. Profit Sharing and 401(k) Plan had $79 million in assets, according to the company’s most recent Form 5500 filing. As of that same date, the plan had 15 investment options and a target-date fund lineup managed by T. Rowe Price Group.
Ms. Nidhan-Persad said no investment options changes are being planned, except for a few share-class changes.