DELAIR, N.J. — Arch America Cos. hired Prudential as bundled provider for its four non-union 401(k) plans, with a total of $24 million in assets, said Lee Kaplan, vice president and general counsel for Arch America subsidiary Aluminum Shapes LLC. PNC Advisors was the previous bundled provider. "Prudential offered a superior product for the needs of our employees," Mr. Kaplan said. Arch America's three other companies are Delair Group LLC, Ultra Hardware Products LLC and Accu-Weld LLC.
LAKE SUCCESS, N.Y. — Astoria Federal Savings & Loan Association added the Oppenheimer Global and Artisan Midcap funds as investment options in its 401(k) plan, said Carol O'Reilly, manager of stock and retirement programs. The plan froze the Janus Worldwide and INVESCO Dynamics funds to new investments, Ms. O'Reilly said. Investment committee members made the changes "for diversification," she said. Bundled provider Prudential Financial assisted. The plan has $51 million in assets, according to the Money Market Directory.
ROCK ISLAND, Ill. — Augustana College committed $4 million each to Commonfund's Absolute Return and Hedged Investors funds, said Darlene Link, director of fiscal operations. The $89 million endowment took $4 million each from its investments in the BlackRock Intermediate Bond and Vanguard Total Stock Market Index funds, Ms. Link said. She declined to say how much money the endowment left in those mutual funds. Endowment officials want to raise Augustana's hedge fund allocation to 10% from 1%, she said, but the new overall allocation has not been finalized. J.H. Ellwood assisted.
TOWSON, Md. — The Baltimore County Employees' Retirement System hired Western Asset Management and EARNEST Partners to run $96 million each in active domestic fixed income, said Robert J. Burros, investment administrator. Western Asset will run a core-plus portfolio for the $1.8 billion system, and EARNEST will handle a core mandate. Deutsche Asset Management, which ran a $192 million core fixed-income portfolio, was terminated because of personnel changes.
BETHLEHEM, Pa. — Bethlehem Retirement System hired Morrison & Associates as investment consultant, said Dennis Reichard, business administrator. Legg Mason had been the $77 million plan's consultant since 1992, Mr. Reichard said. Trustees wanted to use a consultant that did not have an investment management arm, he said. Morrison is reviewing the plan's two managers and current asset allocation; findings could be presented by September, he said.
EDWARDSVILLE, Ill. — Cassens Transport Co. added the Meridian Value and T. Rowe Price Small-Cap Value funds as investment options in its two 401(k) plans, which have combined assets of $45 million, said Doug Braly, controller. The plans, which mirror each other, lacked mutual funds in those asset classes, Mr. Braly said.
DECATUR, Ga. — The $1.1 billion DeKalb Employee Retirement System hired Holland Capital to run $50 million in active domestic large-cap growth equities, said Paul Wright, pension administrator. Funding will likely come from reducing existing large-cap value portfolios run by Gabelli Asset and AllianceBernstein, he said. Callan Associates assisted.
MINNEAPOLIS — Dorsey & Whitney LLP added the American Funds Growth Fund of America, U.S. Bank Stable Asset and Dreyfus Bond Market Index funds as investment options in its $225 million 401(k)/profit-sharing plan, said Dan Ulland, senior retirement plans analyst. The plan dropped the Janus Growth & Income, Putnam Voyager and First American Prime Obligations and Intermediate Term Bond funds, Mr. Ulland said. Defined Contribution Advisors assisted.
ERIE, Pa. — The $125 million Erie County Employees' Retirement System hired Morrison Associates as investment consultant, said Sue Weber, county controller. Morrison replaced Merrill Lynch, which rebid, Ms. Weber said. The plan launched a search after its board membership changed in January; new trustees wanted a consultant that was not also licensed as an investment broker, she said. Morrison is now reviewing the plan's investment policy, she said.
FINDLAY, Ohio — Findlay Industries Inc. hired ADP as record keeper and Goldman Sachs as investment manager of its $8 million 401(k) plan, effective July 1, said Pam Jacobs, plan administrator. The plan terminated bundled provider Strong Retirement Plan Services because of organizational changes and market-timing allegations against its parent firm, Strong Financial, Ms. Jacobs said. Wachovia Securities assisted. Drew Wineland, spokesman for Strong, declined to comment.
APPLETON, Wis. — Fox Valley Corp. added the Calamos Growth, Vanguard Explorer, American Funds Growth Fund of America and T. Rowe Price Midcap Value funds as investment options for its five 401(k) plans, said Amy Vissers, corporate employee benefits manager. The plans, which mirror each other, dropped the MFS Massachusetts Investors Growth, Strong Opportunity and INVESCO Dynamics and Small Company Growth funds, Ms. Vissers said. Trustees decided it was their fiduciary duty to drop funds run by managers implicated in the mutual fund trading scandal, she said. Fox Valley has $42.6 million in 401(k) plan assets, according to the Money Market Directory.
David Oliveri, MFS spokesman, and Drew Wineland, Strong Capital spokesman, declined comment. Bill Hensel, spokesman for INVESCO parent AMVESCAP, did not respond to a request for comment by press time.
INDIANAPOLIS — Great Lakes Chemical Corp. hired Fisher Investments to run $10 million in active international equities, said Jon Sarn, director of HR services. Funding came from taking $5 million each from S&P 500 index portfolios run by Northern Trust and Legg Mason, Mr. Sarn said. Northern Trust now runs $24 million and Legg Mason manages $10 million, he said. Mercer Investment Consulting assisted the $130 million pension plan.
NORTHRIDGE, Calif. — Harman International Industries Inc. added the T. Rowe Price Blue Chip Growth, Vanguard Windsor II and American Funds EuroPacific Growth funds as investment options in its $192 million 401(k) plan, said Cindy Grant, benefits supervisor. Trustees wanted to diversify, Ms. Grant said.
INDIANAPOLIS — Indiana Public Employees' Retirement Fund hired Jacobs Levy Equity Management to run $260 million in active domestic small-cap growth equities, said Patrick Lane, communications director. The $10.9 billion plan will fund the hiring from an internally managed Russell 2500 small-cap growth index fund, he said. Mercer Investment Consulting assisted.
JACKSONVILLE, Fla. — Jacksonville General Employees Pension Fund hired J.P. Morgan Fleming to run $100 million in active international equities, said Camille Cossa, pension administrator. The portfolio had been managed by Putnam Investments, which was terminated by the $1.6 billion plan in November following market-timing allegations against the firm, she said. The money was placed with custodian Northern Trust in an MSCI EAFE fund. Merrill Lynch assisted.
BOSTON — Keane Inc. added the American Funds EuroPacific Growth fund as an investment option in its $285 million 401(k)/profit-sharing plan, said Beth Grew, benefits analyst. The plan already offers the Putnam International fund, but trustees wanted to give participants another international option, following market-timing allegations against Putnam Investments, Ms. Grew said.
"We believe the initiatives which we have undertaken to earn back investor trust will be a benefit over the long term and will come to be recognized by investors," said Laura McNamara, Putnam spokeswoman.
LAKELAND, Fla. — The $400 million Lakeland Employees' Pension Fund hired Loomis Sayles and Fidelity to run $65 million each in active domestic fixed income, said Gary Clark, executive director of the plan. Funding came from liquidating a Lehman Brothers intermediate bond fund run by State Street Global Advisors, where the money had been parked after two managers were terminated more than a year ago, Mr. Clark said. Asset Consulting Group assisted.
BATON ROUGE, La. — Louisiana Parochial Employees' Retirement System hired Batterymarch to run $40 million in active domestic small-cap growth equities, said Tom Sims, administrative director. Batterymarch replaced John Hancock, which handled a similar portfolio for the $1.5 billion plan. Mercer Investment Consulting assisted.
KEENE, N.H. — Markem Corp. hired Portfolio Evaluations as the first investment consultant to its 401(k)/profit-sharing plan, said Deb Paxton, compensation and benefits manager. Retirement committee members wanted an independent firm to review the plan's performance and diversification, and they might add to the existing 19 investment options. The plan has $82 million is assets, according to the Money Market Directory.
BOSTON — The Massachusetts Pension Reserves Investment Management Board hired active EAFE equity managers Boston Co. Asset Management and Baillie Gifford to run $600 million each, said Mike Travaglini, executive director. Partial funding comes from Putnam's $900 million active EAFE equity portfolio; Putnam was terminated in the fall because of market-timing allegations against the firm, he said. The remaining $300 million will come from reducing Capital Guardian's similar style portfolio, leaving it with $600 million. Mr. Travaglini said the $29 billion pension fund "just wanted to get our overall portfolio in line."
COLUMBIA, Mo. — MFA Oil Co. hired Hewitt as investment consultant to its two pension plans, which have combined assets of $100 million, said Carol Winkler, plan administrator. Hewitt replaced Towers Perrin, which was allowed to rebid, Ms. Winkler said. Trustees launched a search to compare consultant costs and services. Hewitt will conduct an asset-liability study next year.
LEWISTOWN, Pa. — Mifflin County Employees' Retirement Fund hired two managers to handle the $8 million pension plan's assets, said Peggy Finkenbiner, chief clerk. Eagle Asset Management will manage $2.8 million in active domestic large-cap core equities and $1.2 million in active domestic small-cap to midcap core equities, and Vanguard will run $4 million in active domestic short-term government bonds, Ms. Finkenbiner said. The two firms replaced Garrison Institutional. Morrison Associates assisted.
TRENTON, N.J. — New Jersey Division of Investment hired AIG VALIC, ING, CitiStreet, Equitable Life and Hartford Life to provide investment services for its alternative benefit program, the $8 billion defined contribution plan for employees in the state's higher education system, according to Matt Golden, spokesman for the state treasurer, John McCormac.
Mr. Golden said the firms were chosen after an RFP process. AIG VALIC, ING and CitiStreet were incumbents; Equitable and Hartford Life replaced Lincoln Financial Group and MetLife. TIAA-CREF is also one of the providers. "All were selected on the quality of their services," Mr. Golden said.
COLUMBUS, Ohio — The $9.1 billion Ohio Police and Fire Pension Fund hired Mellon HR and Investor Solutions to replace Segal Co. as its actuarial consultant, according to David Graham, fund spokesman. The system made the change because of personnel changes at Segal, Mr. Graham said.
COLUMBUS, Ohio — The Ohio Retirement Study Council hired Independent Fiduciary Services to conduct fiduciary audits of the $52.9 billion State Teachers Retirement System and the $9.1 billion Ohio Police & Fire Pension Fund, said Aristotle Hutras, council director. The audits should be finished by the end of the year.
ST. PAUL, Minn. — Patterson Dental Co. added the American Funds Growth Fund of America as an investment option in its $118 million 401(k) plan, said Rick Fitzpatrick, benefits manager. Defined Contribution Advisors assisted.
ROCKFORD, Ill. — The $130 million Rockford Police Pension Fund hired Northern Trust to run $30 million in a domestic government bond index fund benchmarked to the Lehman Aggregate, said Ted Dutkiewitz, city revenue manager. BlackRock, which ran the money in active domestic fixed income, was terminated because trustees decided to move to passive management, he said. Marquette Associates assisted.
Separately, the Rockford Firefighters' Pension Fund withdrew its $11 million commitment to the Putnam International Growth fund because of market-timing allegations against Putnam as well as performance, Mr. Dutkiewitz said. The $117 million plan moved the money to State Street Global Advisors' MSCI EAFE Index mutual fund, he said. Clark Consulting assisted. "We're disappointed about their decision but hope that we will have the opportunity to manage investments for them again in the future," said Laura McNamara, Putnam spokeswoman.
DALTON, Ga. — Shaw Industries Inc. added the Dreyfus Midcap Index fund and four Exeter lifecycle funds as investment options for its $530 million 401(k) plan, said Anita Thornton, manager of retirement and disability benefits. The Dreyfus fund was added to "round out" the plan's options, while the lifecycle funds offer participants "convenience, ease of understanding and instant diversification," she said.
SOUTHAMPTON, N.Y. — Southampton Hospital Association hired MassMutual as bundled provider of its new 403(b) plan, said Edward Haran, director of human resources. MassMutual remains bundled provider of the hospital's $14 million pension plan, which was frozen to employees hired on or after Jan. 1, Mr. Haran said. Trustees froze the pension plan because of increasingly large funding requirements, he said. All employees are eligible for the 403(b) plan, which was established on Jan. 1. Trustees liked the dual platform and single website that MassMutual could offer as provider of both plans, he said. Charles W. Cammack assisted.
OVERLAND PARK, Kan. — Sunderland Foundation hired Diamond Portfolio Advisors to run a $4 million active domestic large-cap growth equity portfolio, said Kent Sunderland, president. Funding came from cash. The money was parked there after the $80 million foundation terminated its previous large-cap growth manager, Mr. Sunderland said. He declined to elaborate.
TAMPA, Fla. — The $480 million Tampa General Employees' Retirement Fund hired Waddell & Reed to run $90 million in active domestic large-cap growth equities, pending contract negotiations, said Paul Broughton, plan coordinator. Waddell replaced AllianceBernstein, which ran a similar portfolio but was terminated for performance, Mr. Broughton said. Mercer Investment Consulting assisted. John Meyers, AllianceBernstein spokesman, did not respond to a request for comment by press time.
AUSTIN, Texas — The $19.9 billion Texas Employees Retirement System hired Voyageur Asset Management as an adviser for a $1.1 billion internally managed active domestic large-cap growth equity portfolio, according to Mary Jane Wardlow, spokeswoman for the system. Ms. Wardlow said Voyageur replaces Montag & Caldwell.
RACINE, Wis. — Twin Disc Inc. hired T. Rowe Price as bundled provider of its $40 million 401(k) plan, replacing Strong Retirement Plan Services, said Chris Eperjesy, chief financial officer. Trustees wanted to be "proactive" following market-timing allegations against Strong's parent, Strong Financial Corp., Mr. Eperjesy said. Marquette Associates assisted. Drew Wineland, spokesman for Strong, declined to comment.
NORTHBROOK, Ill. — Wiss, Janney, Elstner Associates Inc. will add the State Street Research Emerging Growth and Fidelity Real Estate Investment funds as investment options in its $41 million 401(k) plan, effective July 1, said Thomas Oczkowski, vice president-finance and administration. The real estate fund will be the plan's first, he said. Plan officials will drop the Lord Abbett Developing Growth fund because of performance and portfolio manager changes, Mr. Oczkowski said. Jason Farago, Lord Abbett spokesman, declined comment. DiMeo Schneider assisted.