Cherry Corp., Waukegan, Ill., is interviewing investment managers and third-party administrators for its $40 million 401(k)/profit-sharing plan, according to a plan official who declined to be named. The investment committee chose six firms to make presentations at the end of June, the official said. A decision is expected by the end of July. The plan has not conducted a manager search in 10 years, the official said. The committee is concerned about performance of some of the plan's investment options and also wants to add more investment options to its current menu of six, the official added.
Bank of America is the current trustee and investment manager. Administrative Management Group is the record keeper.
DiMeo Schneider is assisting.