Fullerton Lumber Co., Minneapolis, hired Charles Schwab for its $5.3 million 401(k)/profit-sharing plan, said Tom Gomilak, vice president and CFO. Seven investment options will be offered - four from Schwab plus T. Rowe Price New Horizons, Neuberger & Berman Guaranteed and the Vanguard Bond Index fund. Schwab is providing daily valued record keeping, trust and administration, a voice-response system and employee communications and investment education.
Mr. Gomilak said the company combined a daily valued 401(k) plan and a profit-sharing plan into a single plan under one vendor. Previously, American Express provided daily valued record keeping and six IDS funds for the 401(k) plan. The profit-sharing plan used quarterly valued record keeping and three investment options from First Trust.