Blue Diamond Growers, Sacramento, Calif., hired MassMutual to run its $70 million defined benefit plan and as bundled provider for its $25 million 401(k) plan, said Robert Donovan, CFO.
Pension plan officials terminated active domestic equity managers Roxbury Capital and Sound Shore and active domestic fixed-income manager Payden & Rygel, Mr. Donovan said. They also pulled investments in the Fidelity Diversified Fund and Merrill Lynch S&P 500 fund. Further information about the terminations wasnt available. Wells Fargo is trustee and administrator, he said.
Merrill Lynch is the 401(k) plans investment provider, record keeper and trustee; Towers Perrin is actuary, he said. The plan will have 16 investment options, up from 10.
Plan officials made the changes to reduce costs and "administrative complexity, Mr. Donovan said. Capital Financial Group, a MassMutual affiliate, advised.