C. Lloyd Johnson Co. Inc., Norfolk, Va., hired T. Rowe Price to provide a fully bundled service for its 401(k) plan and act as investment manager and trustee for its pension plan. The plans have combined assets of $14 million.
Formerly, the plans had an unbundled approach, with NationsBank providing trust, administration and record keeping and two money managers providing investment services: Kanawha Capital and Wedge Capital. Now, the 401(k) plan's 300 participants will be able to choose from 10 investment options ranging from a stable value fund to T. Rowe Price Science & Technology. The plan will be valued daily.