Albany International Corp., Albany, N.Y., hired Vanguard to manage the investment options for its $130 million 401(k) plan, said Ervin Johnson, vice president and treasurer. The company also hired William M. Mercer as record keeper, replacing Watson Wyatt Worldwide.
Vanguard will also be the trustee of the plan, replacing Bank of Boston, and will provide employee investment education.
The changes will take place Oct. 1. The plan is still deciding how many investment choices Vanguard will offer. The plan had offered about seven investment choices, three of which were managed by Vanguard. Other managers were not identified.
