Gardner Denver Inc., Quincy, Ill., is conducting an invitation-only search for a firm to serve as record keeper and trustee of its $55 million cash balance plan, said Frank Jamboretz, manager-employee benefits. Plan officials want to replace incumbents J.P. Morgan/American Century as record keeper and United Missouri Bank as trustee because of fee increases, he said. The search will end in mid-August; a selection is expected then.
J.P. Morgan/American Century also is bundled provider for Gardner Denvers $80 million 401(k) plan, which offers 13 investment options, Mr. Jamboretz said. Although 401(k) plan officials are not looking for a new bundled provider, Gardner Denvers retirement board is open to the possibility of a package deal that would combine a record keeper/trustee for the cash balance plan and bundled provider of the 401(k) plan, he said.
Buck Consultants advised on the shortlist.