Tech Data Corp., Clearwater, Fla., hired Fidelity as trustee and record keeper for its 401(k) savings plan, replacing Scudder, according to Lawrence Hamilton, senior vice president of human resources, and Tara Tucker, benefits manager. Plan officials were concerned about Scudder's long-term viability after former parent Deutsche Asset Management sold the record-keeping business to Automatic Data Processing earlier this year, they said. Scudder was allowed to rebid.
The plan will continue to offer 19 investment options. PricewaterhouseCoopers assisted. Tech Data has $36 million in retirement assets, according to Money Market Directory.