Flower City Tissue Mills, Rochester, N.Y., hired Victory Capital as bundled provider for its $1 million 401(k) plan. Victory, which will offer 10 investment options, replaces J.P. Morgan Fleming, which offered seven options. J.P. Morgan Fleming informed the plan it would no longer provide 401(k) and profit-sharing services to small businesses, said Tom Myers, Flower City treasurer.
J.P. Morgan Fleming has developed a small business investment and insurance services group, said K.S. Ramdas, senior vice president of small business investment and insurance services. Seven months ago, the firm formed a strategic alliance with Oppenheimer Funds to provide the "entire gamut of services to small businesses, he said.