K mart Corp., Troy, Mich., hired Prudential as bundled provider to its $1.5 billion 401(k), deferred compensation and profit-sharing plans, said K mart spokeswoman Mary Lorencz. Beginning in August, Prudential will provide record keeping, investment and administration services.
Prudential was selected because the firm can offer a broad array of investment funds to participants, while reducing administration costs, Ms. Lorencz said. Participants now will have 15 investment options, up from nine.
The former record keeper was Sungard. The plan's investment options are run by Capital Research & Management, Vanguard Group, A I M, American Mutual and in-house management, according to Judy Diamond Associates' Standard Directory of 401(k) Plans.