New England Business Service Inc., Groton, Mass., hired MassMutual as bundled provider for its $120 million 401(k) plan, said Walter Orlow, benefits department officer. The company consolidated the 401(k) plans of four acquired firms. Wells Fargo was bundled provider for the original NEBS plan; American Express Retirement Services was bundled provider for the McBee Systems Inc. plan; CIGNA was bundled provider for the Rapidforms Inc. plan; and ING Aetna was bundled provider for the PremiumWear Inc. plan, he said. The company did not ask all the previous providers to rebid; Mr. Orlow declined to provide further details.
The combined plan will offer 16 investment options; each plan had offered between 10 and 17 options, he said. The firm's four 401(k) plans were consolidated for economic reasons. PFE Group advised.