Avis Inc., Garden City, N.Y., hired Merrill Lynch as bundled provider of its $180 million 401(k) plan, said Mark Flynn, manager of retirement benefits. The plan replaced Hewitt Associates as record keeper and administrator, and Deutsche Bank as trustee, in order to simplify things for its parent company, Cendant Corp., which also uses Merrill Lynch as bundled provider of its $460 million 401(k) plan, he said. Mr. Flynn said Merrill Lynchs highly developed website services also figured in the move.
The Avis plan increased its investment options to 26 funds, up from 14 funds, he said. Hartland & Co. advised.