Regional Transportation Authority, Arlington Heights, Ill., hired Chicago Trust to provide quasi-bundled services for its $15 million 401(k) plan for workers of Chicago-area transportation authorities not covered by collective bargaining agreements. Three Chicago Trust mutual funds will be offered, as well as a Vanguard money market fund and a Dodge & Cox balanced fund that were retained from the old manager lineup. Additional funds from Vanguard, Montag & Caldwell and Warburg Pincus are included. The changes are effective Oct. 1.
The plan had used quarterly valued record-keeping services from LaSalle Bank, which also ran a GIC fund for the plan. The Twentieth Century Select fund will be dropped. Chicago Trust will provide daily valued record keeping, employee education and communication and an automated voice-response system, said Thomas McNichols, chief financial officer of PACE, the suburban bus system. The fund is run by a committee representing the RTA, PACE and the Metra commuter rail system.
