Phillips-Van Heusen Corp., Bridgewater, N.J., terminated Frank Russell as trustee and manager of managers for the $115 million pension plan, said Mary E. Kazan, director of benefits. As a result of an asset allocation study, plan officials decided to abandon the manager of managers structure, Ms. Kazan said. The termination is not performance related, she said.
The plan is searching for a new trustee and will make a selection by May, she said.
