Holcim (U.S.) Inc., Dundee, Mich., hired Fidelity as bundled provider of its four 401(k) plans, which mirror each other and have combined assets of $110 million, said a plan official who declined to be identified. Fidelity replaced American Express, which was allowed to rebid. Company officials began the search, the first in at least eight years, because they wanted to change how the plan was administered and to make sure it offered the best investment options, the source said.
The plans will now offer 10 options, up from eight, with only the Franklin Small- to Midcap Growth fund carried over, the official said. Watson Wyatt assisted with the search, and Watson Wyatt Investment Consulting assisted with the fund selection. Mercer Investment Consulting, the full-time consultant to the plans, had the final approval of the changes, which will take effect Nov. 3.