Huntington Memorial Hospital, Pasadena, Calif., hired Fidelity Investments as record keeper for its 403(b) plan, according to materials posted on the hospital's website.
The current record keeper is VALIC. The change is effective July 1, the same date the hospital will freeze its pension plan.
The hospital is freezing the pension plan to “provide our employees with more flexibility and control in designing their retirement needs,” according to information on the website.
Effective July 1, the hospital will add a contribution to participants' 403(b) plan of 1% to 6% of their salary based on years of service, as well as increase the matching contribution of 50 cents of each dollar contributed up to 2% of eligible earnings.
As of Dec. 31, 2011, the Huntington Memorial Hospital Savings Plan had $116 million in assets according to the hospital's most recent Form 5500 filing. Asset information regarding the pension plan could not be learned by press time.
Phone calls to Stephen A. Ralph, president and CEO, were referred to Kevin L. Andrys, executive director of public relations, who did not return a phone call by press time.