Baker & McKenzie, Chicago, approved a new cash balance plan for its U.S. partners and senior staff, said Edward D. Burmeister, partner. The new plan will supplement the firms separate $160 million general employee 401(k)/profit-sharing plan.
In August, the retirement board will conduct an invitation-only search for a single manager to handle the plan, Mr. Burmeister said. The search will conclude before November, he said. No consultant is being used.