Visa International, Foster City, Calif., hired Financial Engines to provide investment advice to the participants in its $500 million 401(k) plan. Since Financial Engines was hired at the end of March, about 17% of Visas 4,000 plan participants have used the service, said Rick Schmitt, vice president of retirement planning at Visa International.
Also, Visa is changing some of the investments in the plan. Plan executives expect to add Fred Alger Capital Appreciation fund this summer and search for a small-cap stock fund later this year, Mr. Schmitt said.
Fidelity Investments is the record keeper and administrator for the plan.