City of San Jose, Calif., decided to retain ICMA and Aetna as service providers for its $230 million deferred compensation plan. Both firms will manage investment options and provide record keeping and administration.
The fund offers 30 options. Officials are now comparing the plan's current options and some new funds under consideration with established performance standards. A final decision on how many - and what type of - options to offer will be made by the end of January. The search was completed internally.
Sony Music Entertainment, New York, hired Northern Trust as a record keeper for its 401(k) plan and is looking to add funds to its lineup of Vanguard, Bankers Trust and Fidelity mutual funds. New funds should be chosen in late January for the $227 million plan, said Mary Moriarty, director of retirement plans.