Bucyrus-Erie Co.'s $38 million 401(k) plan, South Milwaukee, Wis., hired Vanguard to provide fully bundled services, including eight investment options, record keeping and education, said John F. Bosbous, assistant treasurer. The move replaced investment options run by Fidelity and Bank One. Also, it replaced Wyatt as record keeper and Bank One as trustee.
The plan dropped two of its three investment options: the Fidelity Asset Manager balanced fund; and an equity fund that was a 50-50 blend of the Fidelity Contrafund and the Bank One disciplined value fund.
The plan will keep its in-house run GIC fund until the contracts mature, when it will move to a Vanguard-run GIC fund.
Vanguard will provide seven other investment options. The plan will move to daily valuation and switching from quarterly.
Allbright & Hart Financial Advisors assisted in the change.