Hope College, Holland, Mich., hired Transamerica as record keeper for its 403(b) plan, according to plan materials on the college's human resources website.
Transamerica takes over as sole record keeper, replacing TIAA-CREF, Vanguard and Fidelity. All firms rebid, and TIAA-CREF was named the other finalist.
The college wanted to consolidate the plan assets for better services and lower fees, and hired Transamerica in part because it does not manage funds to prevent any potential conflicts of interest, according to the materials.
The plan has about $129 million in assets. The number of investment options will decrease to 39 from more than 300.
Connie VanderZwaag, benefits and compensation manager, could not be reached for additional information.