Phillips Group, New York, hired MassMutual as bundled provider for its revamped $4 million 401(k) plan, said Judith A. Camlin, head of human resources and administration.
In addition to switching the plan to daily valuation, the company changed all of its investment options.
The new funds, provided by MassMutual or through an alliance partner, are: OppenheimerFunds strategic income global; American Century equity growth; MFS Growth Equity and Investment Equity; Fidelity Equity Income II; MAS Small Cap Growth Equity; MassMutual S&P 500 Index; and four MassMutual lifestyle asset-allocation funds.
Epic Advisors and Economic Group had been third-party administrators for the company’s profit-sharing and 401(k) plan, Ms. Camlin said. The firms did the record-keeping and supplied the investments, which were limited to a selection of lifestyle funds. The profit-sharing plan is now part of the 401(k) plan.
Since the plan was overhauled in January, the participation rate has increased to 85% from 55%, she said.
