Office Depot Inc., Boca Raton, Fla., selected Fidelity Investments as bundled provider for its 401(k) plans and deferred compensation plans, confirmed Mindy Kramer, spokeswoman for Office Depot.
Vanguard Group had been the bundled provider for the company’s $336 million in 401(k) and deferred compensation assets, Ms. Kramer said. The company decided to have one company administer its retirement savings plans, long-term incentive stock compensation plan, and health and welfare plan, she said.
Morgan Stanley Smith Barney was administrator of the stock plan, and Convergys has been running the health plan.
“We weren’t dissatisfied with the three,” she said. “Fidelity offered one-stop shopping.”
Fidelity assumed responsibility for the 401(k) plans and the stock plan on Oct. 1; it will begin administering the health and welfare plan on Jan. 1.
