Etown Corp., Westfield, N.J., and subsidiary Applied Water Management Inc., Hillsborough, N.J., hired Delaware Investments as bundled provider for their $28 million 401(k) plan, said Bruce Colligan, vice president of human resources. Delaware is assisting with the consolidation of the companies two 401(k) plans, which will be completed by the end of the month, he said.
PNC Bank is bundled provider for the $25 million Etown plan, and the $3 million AWM plan uses Salomon Smith Barney, he said. The plans chose Delaware because it specializes in defined contribution plans and has more experience in consolidating 401(k) plans, he said.
Each plan has 10 investment options, and the consolidated plan also will offer 10 options, he said. Prudential Securities advised.