Blount International Inc., Montgomery, Ala., hired Fidelity as sole manager and actuary for its $94 million defined benefit plan and bundled provider of its $235 million 401(k) plan, said Mary Butler, manager of employee benefits.
SEI was manager of managers for the defined benefit plan, and Northern Trust was actuary. Ms. Butler said there were advantages to having a single firm provide all services. Fidelity will manage the money in active domestic and international growth and value styles, she said. The plans current allocation is 70% equity, 25% fixed income and 5% cash. Deloitte & Touche advised on the changes.
Fidelity replaces Northern Trust Retirement Services as bundled provider for the defined contribution plan, Ms. Butler said. She would not comment on why the change was made. Sixteen new options will be offered; Northern Trust had offered 10.
Officials at SEI and Northern Trusts did not return calls seeking comment by press time.