Newport Aquarium, Newport, Ky., which opened its doors in May, has started a 401(k) plan for its 160 employees.
Fifth Third Bank was hired as bundled provider, said Mark Nocito, the aquarium’s finance director. The new plan has eight investment choices, all Fifth Third funds, he said. They are: a large-cap fund; the Quality Bond fund; a balanced fund; a midcap equity fund; the Quality Growth fund; an international equity fund; the Pinnacle Fund; and a money market fund, Mr. Nocito said. The plan has a discretionary match and a profit-sharing feature that has not been activated, Mr. Nocito noted.
"We started the 401(k) to provide a retirement savings vehicle for our employees and to have an opportunity for profit sharing in the future,’’ Mr. Nocito said. So far the plan has 35 participants.
