Elder-Beerman Stores Corp., Dayton, Ohio, hired American Century Investments as bundled provider for its $52 million defined contribution plan. Eight funds will be offered: American Century Income & Growth; Benham Stable Asset Fund; Twentieth Century Ultra; American Century Value; Twentieth Century International Growth; and three American Century lifecycle funds.
Dropped were Fidelity Magellan, Aeltus S&P 500 Index Fund and T. Rowe Price Stable Value Fund. The previous record keeper was William M. Mercer.
Joint Annuity Fund of Local Union 164 IBEW, Hackensack, N.J., hired Putnam as a bundled provider.
The $131 million fund will change vendors Jan. 1, and also will become participant-directed. Putnam will provide five core options in addition to three lifestyle funds. The core options are: Putnam Voyager Fund, Putnam Investors Fund, Putnam U.S. Government Income Fund, George Putnam Growth & Income Fund and Putnam Stable Value Fund.
The fund now uses The Bank of New York, Summit Bank, IBEW-NECA Guaranteed Investment Contract and the AFL-CIO Housing Investment Trust. Segal assisted.
Dow Chemical Co., Midland, Mich., added options to its $2 billion defined contribution plan. Added were: The Equity Income Fund run by T. Rowe Price; International Bond Fund run by Fischer, Francis, Trees & Watts; the 60/40 Balanced Fund from Capital Guardian; and the 30/70 Balanced Fund run by Wellington.
The funds help fill in ``some of the gaps'' in the plan's investment choices, said Jeff Cush, director of employee benefits. The plan now has a total of 10 options