International Union of Operating Engineers, Local 14-14B, Flushing, N.Y., converted its $180 million defined contribution plan to a member-directed plan, from trustee-directed, said Joseph M. Rizzuto Jr., the unions assistant business manager. IUOE hired CIGNA Retirement Services as its service provider, replacing Sage, which managed its fixed-income option, and Shield & Lyons, which ran its equity option, Mr. Rizzuto said. Administration and bookkeeping had been done in-house, he said. The plan moved to daily valuation.
The union expanded its investment options to six from two. The new investments are a CIGNA stable-value fund; Sage Investment Advisors Intermediate Broad Market Bond Fund; CIGNA Charter Growth and Income Fund; CIGNAs large company growth fund, which is subadvised by Putnam Investments; CIGNAs large company stock value fund, which is subadvised by Lazard; and CIGNAs small company stock value fund, which is subadvised by Berger.