Itron Corp., Spokane, Wash., hired New York Life as service provider for its $35 million 401(k) plan, replacing Wells Fargo as trustee and Merrill Lynch/Howard Johnson as administrator and record keeper. The new provider offers better technology and daily valuation, said Richard Marll, senior human resources analyst.
Merrill Lynch spokesman Eric Hendrickson said the termination was a mutual separation. Officials at Wells Fargo could not be reached for comment.
The plan intends to make several changes in its investment options since New York does not offer many of the plans current eight funds, Mr. Marll said, adding that he expects the roster to expand to 14 soon.