Electrical Workers, IBEW-NECA, Dakotas Areawide, Fargo, N.D., hired Security Trust as trustee and custodian of its money-purchase and 401(k) plans, which have a combined $130 million in assets, said Robert Snyder, president of Chartwell Benefits Consulting. Previous custodian and trustee Northern Capital Trust is being replaced because the plan wanted a more technologically advanced firm, Mr. Snyder said.
The plans also will add the Dodge & Cox Stock Fund and the MFS Midcap Stock Fund as investment options. They also will add the Vanguard Total Bond Index Fund, replacing the Fidelity U.S. Bond Index Fund, and the Vanguard 500 Index Fund, replacing the Deutsche Equity Index Fund, he said. The plans will have eight options, up from six.
The changes will be effective April 1.
Milliman USA is record keeper and service provider; Benefit Plan Administrators is administrator.