Parker Hannifin Corp., Cleveland, will start a defined contribution plan for its unionized employees on July 1. The plans eight options will be the same as those for the existing defined contribution plan for non-unionized employees, said Josie Wilmore, manager, retirement administration. They are: company stock; Capital Guardian international fund; Aetna small-cap equity fund; Key large-cap to midcap equity fund; State Street Global S&P 500 index fund; Key balanced fund; Key fixed-income fund; and Certus contract income fund.
The company will retain current defined benefit plan trustee Key Asset Management as trustee for the new plan, and it hired SunGard as record keeper. Administration duties will be handled in-house.