Searches and Hires

ALLETE signs Empower as new 401(k) record keeper

ALLETE Inc., Duluth, Minn., hired Empower Retirement as record keeper of its 401(k) plan, the company disclosed Wednesday in an 8-K filing with the Securities and Exchange Commission.

Empower Retirement replaces Wells Fargo, effective Nov. 1. A blackout period for participants will begin at 3 p.m. CDT on Oct. 25 and end during the week of Nov. 18. A reason for the change was not provided.

As of Dec. 31, the ALLETE and Affiliated Companies Retirement Savings and Stock Ownership Plan had $491 million in assets and offered to participants 13 investment options, a company stock fund and a target-date fund lineup managed by BlackRock (BLK), according to the company's most recent 11-K filing.

Amy Rutledge, company spokeswoman, could not be immediately reached to provide further information.