Syncsort Inc., Woodcliff Lake, N.J., hired Schwab Institutional to provide 12 diversified mutual fund options and bundled services to its $20 million 401(k)/profit-sharing plan, said Steve Kutz, vice president of finance.
The hiring coincides with a change to a participant-directed plan from an employer-directed one. Previously, all assets were invested in a domestic equity fund managed by a firm Mr. Kutz didn't identify; employees left about half the assets in that fund.
Schwab also is providing daily valued record keeping, trust and administration and employee communications and investment education. Mr. Kutz declined to identify the previous service provider.