LANSING, Ill. - Iron Workers, Mid-American Pension Fund, Lansing, has split its $458 million pension fund into two separate plans. The plan had been a hybrid plan, but now is officially split into a defined benefit and a defined contribution plan, said Joseph Burke, administrator.
The defined benefit plan, Iron Workers Mid-American Pension Fund, will contain $175 million; the defined contribution plan, the Supplemental Monthly Annuity Fund, $283 million.
Separately, Mellon Trust was chosen by trustees to replace Northern Trust as custodian. Mellon will serve both plans. Marco Consulting assisted.