SEARCHES & HIRINGS
ConAgra Inc., Omaha, Neb., chose State Street Bank & Trust Co. as custodian for $1.5 billion in assets in its defined benefit and 401(k) plans, replacing Northern Trust.
ConAgra decided to move back to State Street, which had been its custodian from 1985 to 1992, because it wanted to address ``service issues'' related to merging the plans of other companies acquired through mergers, said Donald Winters, director of employee benefits.
The search was done in-house, no other searches are planned.
Crown Crafts Inc., Calhoun, Ga., will introduce a new, unbundled 401(k) plan Jan. 1 for its 2,500 employees, said Bonnie Wasdin, director of human resources. Investment management will be provided by Reiser, Builder & Douglas, which will manage a stable value and an aggressive growth fund. Reiser, Builder also will construct and manage four lifecycle funds that will invest in the mutual funds available through the fund alliance of the plan's record keeper, Buck Consultants. Crown Crafts company stock also will be available within the 401(k) plan. The plan will be valued quarterly.
Consultant Taylor & Co. assisted.
The $4 billion Rhode Island Retirement Systems, Providence, approved an investment of up to $10 million in the OCM Opportunities Fund, a limited partnership managed by Oaktree Capital Management. The fund will invest in distressed debt, said spokesman Steve Klamkin. The assets will come from a 5% alternative investment allocation previously approved by the fund.
The $90 million City of Brockton (Mass.) Contributory Retirement System hired Metric Realty to run approximately $1 million in residential real estate. Assets came from cash flow.
Troutman Sanders L.L.P., Atlanta, hired First Union National Bank of Georgia, to provide bundled services for its $23 million 401(k)/profit-sharing plan. First Union, which has been providing quarterly record keeping for the plan in an unbundled format, will take over much of the investment management of the plan, as well as move the plan to daily valuation.
Five First Union/Evergreen mutual funds will be offered, along with two funds from Fidelity Investments, one from Janus, and one from Templeton. First Union also will provide an automated voice-response system, employee communications and investment education, and continue as the plan's trustee.
The plan will be fully converted to the new program by April 1, said Stanley Hackett, a partner in the law firm. The plan now offers a First Union Money Market fund, which will be discontinued. The plan's other two options, a balanced and a fixed-income collective trust, managed by Mowell Financial, also will be dropped.
Steeltech Manufacturing Inc., Milwaukee, introduced a 401(k) plan for its 250 employees Oct. 1. Strong Capital Management's retirement plan services division was hired to provide bundled, daily valued service for the plan, including investment management, trust and administration, an automated voice-response system, employee communication and investment education.
Six diversified Strong mutual funds are offered to employees, said Jim Zimmerman, vice president-finance and administration. The company is matching 25% of the employee's contribution, up to 4% of salary deferral.