STERIS Corp., Mentor, Ohio, hired Bank of New York as trustee for its $33 million pension fund, effective April 1, said Robert Becker, employee benefits director. Previous trustee PNC Bank was asked to rebid. STERIS officials chose Bank of New York because it had lower costs. William M. Mercer advised.
Separately, STERIS added a Dodge & Cox Balanced Fund as an investment option in its $156 million 401(k) plan, replacing the Victory Balanced Fund. The plan offers nine options, including a stock index and a GIC fund from Victory, he said. KeyCorp is semi-bundled provider.
