RLI Corp., Peoria, Ill., hired Alliance Pension Consultants as record keeper of its new 401(k)/profit-sharing plan, which was started Jan. 1, said Mike Quine, vice president-administration.
The company froze its $10 million pension plan, Mr. Quine said; it will be terminated, but no timeframe has been set. Employees hired after Jan. 1 participate only in the defined contribution plan, but defined benefit plan participants can also participate in the new plan.
Officials think 401(k) plans are more popular because of their portability, he said. The company also offers a $90 million ESOP.
The new plan offers 11 investment options, including a self-directed brokerage window.
Watson Wyatt assisted with the plan design. David Vaughn Investments helped choose the investments.