Plumbers, Local 267, Syracuse, N.Y., hired HSBC Bank USA as custodian of its $75 million pension plan, $40 million annuity plan, $10 million health and welfare plan and $2 million personal account plan, said Terry Musto, union local CFO. He said the plan replaced Investors Bank & Trust because of poor service and an uncorrected error in custody statements. Virginia Kelly, director of marketing for Investors Bank, did not comment.
He said the board of trustees added Morley Financials Taft-Hartley Stable Value Fund and the Vanguard Total Bond Market Index Fund as investment options for the annuity plan, which now offers eight options.
Record keeping, administration and trustee services for all plans are handled internally.