Gorman-Rupp Co., Mansfield, Ohio, hired Bank of America Merrill Lynch as record keeper and trustee of its $49 million 401(k) plan, confirmed Wayne L. Knabel, chief financial officer.
The plan's current record keeper is New York Life Investment Management. An RFP was issued because of changes to the plan resulting from the closing of the company's $74 million defined benefit pension plan to new employees; NYLIM was invited to rebid.
A blackout period for participants begins June 24 and ends July 18.
