The Payne Firm Inc., Cincinnati, hired Fifth Third Bank as bundled provider for its 401(k) plan, which has a profit-sharing feature, said Jaye L. Frick, business manager. First Star had administered the unbundled plan. The Payne Firm did not retain any of the previous six investment options; it now has seven new options, Ms. Frick said. She would not name the new options or the amount of plan assets. Payne has 30 workers, and all eligible employees participate in the plan, Ms. Frick said.
The firm matches 45% of voluntary contributions up to 8% of annual salary, according to its website.
