Kinnett Dairies Inc., Columbus, Ga., hired NYL Benefit Services to provide fully bundled services for its $3.7 million 401(k) plan.
Seven options, including funds from Twentieth Century and Fidelity Investments as well as stable value funds from New York Life Insurance, are offered. NYL provides daily valued record keeping, trust and administration, and employee communications and education. Cory Loomis, Kinnett director of human resources, said NYL was the most attractive of the four finalists because it does not charge wrap fees for the use of funds managed by external managers.
Other finalists were Principal Financial, Massachusetts Mutual and the incumbent, Lincoln National. The plan was unbundled, using record keeping services from Benetech