Potomac Corp., Wheeling, Ill., hired ProManage to handle the accounts of participants in its $11 million 401(k)/profit-sharing plan, said Mary Jo Adams, 401(k) administrator.
As of April 1, Potomacs active participants were automatically enrolled in the service but could opt out if they preferred to select their own asset allocations, Ms. Adams explained. Terminated employees who remained in the plan are not automatically enrolled in the ProManage service and must select the option if they want to participate, she added. So far, only 55 active employees have opted out of the ProManage service, she said.
The plan has eight investment options and four lifestyle portfolios as investment options. MassMutual is its semi-bundled provider.