Associated Wholesale Grocers Inc., Kansas City, Kan., hired U.S. Bank as trustee and administrator for its four 401(k) plans, which have combined assets of $70 million, said David Carl, executive director of finance. Plan officials conducted a search because previous trustee and administrator UMB Bank sold its employee benefits business to M&I Trust, Mr. Carl said. Officials selected U.S. Bank because they wanted to be able to retain the 14 investment options in the plan at the same cost and minimize disruption for participants, he said. The change will take effect in the first quarter.
M&I will replace UMB as trustee and administrator of the $31 million defined benefit plan, Mr. Carl said. UMB will continue as sole investment manager of that plan.