Cherry Corp., Waukegan, Ill., hired M&I as bundled provider for the company's $43 million 401(k)/profit-sharing plan, said Dawn Fellers, manager-benefits and administration. M&I replaces Bank of America, former investment manager and trustee, and Administrative Management Group, the former administrator. Plan officials decided it was time to re-evaluate the plan; it has been 10 years since they last conducted a manager search, Ms. Fellers said. They want to increase investment options to about 10, from six currently, she said. New funds could be selected in two weeks; it has not yet been decided whether any of the existing funds will be retained.
DiMeo Schneider assisted with the search.