McNaughton-McKay Electric Co., Madison Heights, Mich., hired Merrill Lynch as bundled provider for its newly converted $30 million 401(k)/profit-sharing plan, said Donald D. Slominski, CFO. It was converted from a profit-sharing plan to allow for employee contributions, he said. Merrill Lynch was trustee for the profit-sharing plan, but the retirement board conducted a formal search for a new bundled provider, Mr. Slominski said.
The plan will offer 19 investment options, Mr. Slominski said. The company also has a $52 million ESOP and a $20 million pension plan, according to the Money Market Directory.
