The employers within the 7th Farm Credit District, St. Paul, Minn., hired Merrill Lynch Group Employee Services to provide services for a $200 million multiemployer 401(k) plan. The 30 financial agricultural cooperatives will offer eight new investment options: three mutual funds run by Merrill Lynch; two by Dodge & Cox; and one each run by Neuberger & Berman, AIM and Templeton International.
One existing option, Vanguard Institutional Index Fund, will be retained. Three options from Norwest Bank and a global balanced fund from Brinson Partners will be dropped. Norwest had been the record keeper. Now, Merrill Lynch will provide daily valued record keeping and administration, trust and compliance services and employee education and communications.
