Barry-Wehmiller Cos. Inc., St. Louis, hired MassMutual as the first bundled provider of its $95 million 401(k) plan, according to a source with the plan, who did not want to be identified. MassMutual replaced record keeper Milliman USA and investment provider Citigroup, the source said. Trustees wanted to move to the bundled approach because they felt "they could get more for their money" now that the plan has grown through company acquisitions, the source said. Both incumbents were considered.
The plan now offers 16 investment options, including four new lifestyle funds and a new self-directed brokerage window, up from the previous lineup of eight funds. Lockton Cos. assisted.