Metrocall Inc., Alexandria, Va., hired First Union as semibundled provider for its $38 million 401(k) plan, replacing PNC Advisors, said Jay B. Young, Metrocall director of benefits and risk management. Metrocall made the change because it wanted more services, better education and lower pricing, Mr. Young said. The plan now has 17 options.
Metrocall kept four Fidelity funds: Overseas, Growth Opportunity, Equity Income, and Equity Growth. It also kept three funds that were added in 2000: Janus Twenty, Janus Fund and Federated Max Cap Fund. The firm replaced four of PNCs BlackRock funds with First Unions Evergreen Money Market, Evergreen Foundation, Evergreen Select Core Bond and Evergreen Strategic Growth funds. Metrocall also added New York Davis Venture, Putnam Emerging Growth, Dreyfus Mid Cap, Warburg Pincus Capital Appreciation, Janus Worldwide and Janus Retirement Advisors Growth.
Metrocall decided against adding a self-directed brokerage account, but company executives may add investment advice, he said.