Vision Service Plan, Rancho Cordova, Calif., is working from a shortlist of 18 firms to select a bundled provider to handle its $95 million 401(k) plan and $15 million money purchase plan, said April Bettencourt, manager of benefits and payroll. Incumbent Merrill Lynch was asked to rebid, she said. Plan officials conducted the search because of technology and customer-service issues, she said. The two plans share 23 investment options. Ms. Bettencourt added the 401(k) and money purchase plans might be merged, although there is no plan in place. The plan is not using a consultant. A selection is expected by Oct. 1, she said.
Terez Hanhan, assistant vice president of media relations for Merrill Lynch, declined comment.