Blount International Inc., Montgomery, Ala., outsourced its $110 million defined benefit plan to Fidelity, said Mary Butler, manager of employee benefits. Fidelity will take over this fall. The assets have not been re-allocated, but the plan will have a broad-market exposure to active domestic equity and fixed income, said Eric Schoen, vice president of the defined benefit department at Fidelity. The plan was managed in-house; Ms. Butler declined to provide details.
Blount also hired Fidelity as bundled provider for its $250 million 401(k) plan, also effective this fall, said Mr. Schoen. No decision has been made about which investment options will be offered. Fidelity will replace bundled provider Northern Trust, which offered 10 investment options, Ms. Butler said.
She would not comment on why the changes were made.