The $40 million Crain Communications Inc. profit sharing plan, Chicago, will begin allowing employees to direct their own investments. Crain selected Comerica Bank to provide administration, daily valuation, record keeping, employee communication and education, according to Bill Morrow, executive vice president.
The plan will offer five investment options: the AIM Balanced Fund; AIM Constellation fund; Fidelity Advisors Growth Opportunity Fund/A; Comerica 500 fund, a Standard & Poor's stock index fund; and an investment contract fund. Previously, all of the assets had been invested in guaranteed investment contracts and synthetic GICs. Administration had been handled internally.
Initially, $30 million of the plans $40 million - from GICs that matured in September and October -will be eligible for self-direction by employees. The rest of the plan's stable value investments - due to mature in 1997 and 2000 -will be categorized as ``the Crain Fixed Account.'' The search was conducted in-house.
Crain Communications is the parent of Pensions & Investments