Compass Bancshares Inc., Birmingham, Ala., hired The 401(k) Co. as record keeper and administrator for its four defined contribution plans, which have combined assets of $213 million said Kelcey Wharton, director of compensation and benefits.
Benefits Services Corp. was record keeper and administrator for the companys 401(k)/ESOP, ESOP restoration plan, and nonqualified deferred compensation plan, but it exited the business. The company also offers a new profit-sharing plan being as an alternative to its $116 million defined benefit plan, Mr. Wharton said.
Compass executives increased the investment options offered by the plans which are similar to 12, from six. They retained two proprietary money market and bond funds and a company stock option. The other investment options are: SEI Stable Asset; Dodge & Cox Stock; BGI Equity Index and Global Investors U.S. Equity Market Index; American AAdvantage S&P Index; PIMCO RCM Large-Cap Growth; AIM Mid-Cap Core Equity; Batterymarch Small Cap Equity; and EuroPacific Growth.
Plan participants also can choose from four asset allocation models provided by Ibbotsons investment management allocation program.
Hewitt Human Resources Consulting assisted.