Columbus McKinnon Corp., Amherst, N.Y., hired Fleet Retirement Plan Services as bundled provider for its 401(k) plans, which have a combined $70 million in assets. Fleet Retirement already administers the firms defined benefit plan, said Robert L. Montgomery Jr., Columbus McKinnon CFO.
The company which has doubled in size to 4,500 employees in five years, in part due to acquisition is consolidating 10 defined contribution plans into two, Mr. Montgomery said. The plans were administered in-house, with the investments provided by American Funds Group.
Fleet and its alliance partners Columbia, American Century, Fidelity, INVESCO, Janus, Neuberger Berman and Putnam Investments are offering the following identical funds to each new plan: stable asset, bond, balanced, equity income, index, large-cap growth, multi-cap growth, small-cap, midcap growth and international growth, he said.