Rogers Group Inc., Nashville, Tenn., hired New York Life Investment Management as custodian and manager of managers for its $15 million pension plan and custodian and manager of the $1 million in assets in its supplemental employee retirement plan, said Todd Creasy, director of compensation and benefits and retirement plans. NYLIM already was bundled provider for its $26 million 401(k) plan, which offers 13 investment options. Company officials wanted to simplify administration and give employees "one-stop shopping by combining management of all three plans, he said.
The defined benefit plan reduced a domestic equity and a domestic fixed-income portfolio managed by Rittenhouse by $1 million each, to $7 million and $4 million, respectively. The money was moved to the NYLIM Mainstay Map Equity Fund, he said. Lazard Asset continues to manage $2 million in international equities for the plan, Mr. Creasy said. The pension plan also terminated consultant UBS PaineWebber, he said.
The supplemental employee plan terminated custodian and manager SunTrust Bank, he said. Assets, which were in the STI Classic Value Income Stock Investment Fund, were moved to the NYLIM Eclipse Index Equity Fund, he said.
The plans did not use a consultant.