Southern States Cooperative, Richmond, Va., hired Fidelity as a semi-bundled provider for its $66 million 401(k) plan. The firm replaced First Union National Bank of North Carolina, which was allowed to take part in the bidding process, said Richard Sherman, vice president of human resources.
The number of plan options will double to 12. William M. Mercer Consulting assisted.
State Universities' Retirement System of Illinois, Champaign, hired ICMA Retirement as record keeper for a new optional retirement program. ICMA will provide administrative and record-keeping services and some investment management options for the program. ICMA beat out finalist Norwest Bank for the combined investment and administrative role.
SURS' board meets again Oct. 8 to decide what asset classes will be offered and to then select one or more money managers to offer investment-only services. Deloitte & Touche is assisting.
The City of Philadelphia Treasury Department has added two short-term U.S. fixed-income managers to run $900 million in cash proceeds from the sale of bonds earmarked for various city projects, said Karen Yancey, deputy treasurer. The city has shifted about 25% of the money to Smith, Graham and Hughes Capital. Smith Barney and CoreStates had managed all of the money.