Sandy Spring Bancorp Inc., Olney, Md., hired Principal Financial Group as record keeper of its 401(k) plan, confirmed Dawn Weglein, human resources director.
The current record keeper is EPIC Advisors. Sandy Spring issued an RFP earlier this year as part of its regular course of exploring other options and opportunities. Ms. Weglein would not provide further information.
A blackout period for participants began Sept. 19 and will continue through Oct. 7.
As of Dec. 31, the Sandy Spring Bancorp Inc. Cash and Deferred Profit Sharing Plan had $56 million in assets, according to the company's most recent 11-K filing. The name of the plan will change to the Sandy Spring Bank 401(k) Plan following the conversion to Principal, Ms. Weglein said.