Flagstar Cos. Inc., Spartanburg, S.C., hired American Express Financial Services for bundled 401(k) plan services. The $88 million Denny's 401(k) Plan and $50 million Flagstar 401(k) Plan each will be converted by Sept. 1 to a daily valued program.
Eight investment options will be offered. American Express will manage equity index and stable value funds along with company stock. An international equity fund run by Templeton International is also included. The company's consultant, RogersCasey, designed a small-company equity fund that will invest in small-cap funds from Lazard Freres and American Express, and three asset allocation funds, which will invest in the funds of outside firms. The asset allocation funds will be monitored by RogersCasey and managed by American Express.
The plan is now unbundled, with monthly record keeping from Godwins, Booke & Dickenson and trust services from NationsBank. Four investment options are offered in both plans.
RogersCasey assisted with plan redesign and manager selection.
