Varied Investments Inc., Muscatine, Iowa, hired Wells Fargo as bundled provider for its three defined contribution plans, said Arthur J. Hovick, manager of financial benefits. Wells Fargo was trustee for all three plans; administration, record keeping and the selection of investment options were handled internally. The funds are moving to daily valuation, from quarterly, he said. The plans share 13 investment options, up from four, he said.
The plans are: a $166 million profit-sharing plan for salaried employees; a $39 million 401(k)/profit-sharing plan for hourly employees; and a $16 million 401(k)/profit-sharing plan for employees of subsidiary Blue Seal Feeds Inc., Londonderry, N.H., according to the 2002 Money Market Directory.