Marathon Oil Corp., Houston, hired Mercer Human Resource Consulting as third-party administrator for the company's £75 million ($130.9 million) U.K.-based Marathon Oil Pension Scheme, said Lydia Donnelly, a Mercer spokeswoman. She said Mercer has been the plan's investment consultant and actuary. Marathon Oil had handled administration in-house, said Ms. Donnelly. Marathon Oil officials issued an RFP for a third-party administrator earlier this year.
David Payne, compensation and benefits manager at Marathon Oil, said in a joint news release that company officials "were impressed by the high number of administrators with relevant qualifications at Mercer and the availability of a dedicated transition team." Mr. Payne was unavailable for comment by press time.
Marathon Oil had a total of $599 million in pension assets and $869 million in pension liabilities as of Dec. 31, according to the company's annual report.