Parts Associates Inc., Parma, Ohio, hired National City Bank as bundled provider for its $17 million profit-sharing plan, said Thomas A. Eck, director of human resources. NCB is outsourcing record keeping to Hewitt Associates, Mr. Eck said. Previous bundled provider KeyCorp exited the bundled defined contribution business.
Separately, on April 1, it switched to being a participant-directed plan from a trustee-directed plan, he said. Plan officials wanted participants to be able to customize investments to their specific needs, and they also wanted to transfer fiduciary responsibility, he said. The plan has 16 investment options, mutual funds managed by Armada Funds, PIMCO, Barclays Global Investors, MFS, Capital Research, Julius Baer, Franklin Templeton and Value Line. Plan officials did not use a consultant.