Brush Engineered Materials Inc., Cleveland, selected Fidelity as service provider for its $130 million 401(k) plan, effective Oct. 2. Fidelity replaces Northern Trust, which is being terminated due to poor Internet capabilities, said Richard Chesnik, corporate director of human resources. Sue Raegas, senior vice president, public relations, at Northern Trust said the firm declined to comment on the termination.
Northerns S&P 500 index and short-term investment funds will be replaced with similar funds from Fidelity; the plan also may add Fidelity Freedom funds and small-cap and midcap funds for diversification. The plan currently offers four other investment options.
T. Rowe Price and Vanguard were the other finalists.