Aid Association for Lutherans and Lutheran Brotherhood, Minneapolis, are reviewing the Aid Associations $350 million 401(k) plan and $302 million pension plan, as well as the Brotherhoods $400 million 401(k) plan and $150 million pension plan. The organizations likely will search for money managers when the reviews are concluded July 1, said Steven Bakk, Lutheran Brotherhood spokesman.
The review by Hewitt Associates follows the merger of the two organizations Jan. 1, said Mr. Bakk. It may combine the two 401(k) plans following the review, when plan officials also will determine what will be done with the two pension plans, he said.
Wells Fargo is record keeper of Lutheran Brotherhoods 401(k) plan, which handles administration and trustee services internally. M&I Trust is record keeper and administrator of the Aid Associations 401(k) plan, which is self-trusteed.