Modern Drop Forge, Blue Island, Ill., hired J.P. Morgan/American Century Retirement Plan Services, Kansas City, Mo., as the bundled record keeper for its $47 million defined contribution plan, said Pat Thompson, vice president of finance and a plan trustee.
Modern Drop Forge previously had administered the plan in-house, Mr. Thompson said. However, participants were asking for daily valuation and Modern Drop Forge's in-house system was set up for quarterly valuations, said Debbie Leeson, benefits manager.
Set to be converted to Morgan/American Century on Oct. 1, the plan will then have 11 investment options, up from five. Eight are American Century funds: Benham Stable Asset Fund; Benham Premium Bond Fund; American Century Strategic Allocation: Conservative; American Century Strategic Allocation: Moderate; American Century Strategic Allocation: Aggressive; American Century Income & Growth Fund; American Century Equity Growth Fund; Twentieth Century International Growth Fund. The other three are INVESCO Total Return Fund; Masterworks Standard & Poor's 500 Stock Fund; and the Acorn Fund.