Brady Corp., Milwaukee, rehired PNC Bank to provide record-keeping and administrative services for its 401(k) and money purchase plans, which have combined assets of $150 million, said Gary Vose, director of compensation and benefits. PNC also is the record keeper and administrator for Brady's combined $10 million deferred compensation plans. Mr. Vose said PNC has been with the plans since the mid-1990s and company management "felt it was time to go out and test the market." The company issued an RFP in the fall.
The 401(k) plan offers nine investment options plus a company stock option and T. Rowe Price lifecycle funds. Francis Investment Counsel assisted.