Caremark Rx Inc., Northbrook, Ill., hired Fidelity as bundled provider for its $120 million CareSave 401(k) Retirement Savings plan, said Marianne Swanson, president of compensation and benefits.
Fidelity, which will offer 10 investment options and a brokerage window, replaced T. Rowe Price, which provided nine investment options and a brokerage window.
Fidelity was hired because Caremarks business needs to be changed, said Ms. Swanson; she declined to make any further comment.
Caremark also is terminating its frozen MedSave 401(k) plan. T. Rowe Price was the bundled provider offering the same investment options as the CareSave plan. The participants in that plan are no longer employees, and the firm is encouraging participants to take their money out of the plan, Ms. Swanson said.