South State Bank, Columbia, S.C., hired Fidelity Investments as service provider for its 401(k) plan, said a joint transition guide from Fidelity and South State Bank. Fidelity replaced American Pensions as provider on Wednesday. The reason for the switch could not immediately be learned.
Along with the provider switch, the plan hired Vanguard Group as the new target-date fund manager. Target-retirement model portfolios offered by American Pensions are being eliminated.
The rest of the investment lineup will remain the same — 19 stand-alone investment options and five target-risk model portfolios ranging from conservative to aggressive.
As of Dec. 31, 2015, the plan had $142 million in assets, according to its most recent Form 5500 filing.
A spokeswoman could not immediately be reached for additional information.