Inova Health System, Falls Church, Va., hired Fidelity as administrator of its $315 million pension plan and bundled provider of its three defined contribution plans. Inova wanted "one-stop shopping for its employees," said Beth Visioli, a spokeswoman for the system.
Inova had administered its pension plan internally; American Express was bundled provider for the $130 million 401(k) plan; and CitiStreet was bundled provider for the 401(a) plan. The 403(b) plan had annuity contracts with record keepers CitiStreet; MetLife; AIG; Valic; Diversified Investment Advisors; Aetna; Lincoln; Prudential Financial; and Mutual of America, said Laurie Dalton, senior director for compensation and benefits. Asset sizes of Inova's 401(a) and 403(b) plans could not be learned by press time.
The defined contribution plans, which mirror each other, offer 12 investment options.
