Ohio Machinery Co., Broadview Heights, Ohio, hired Transamerica Retirement Solutions as record keeper of its two 401(k) plans, according to a newsletter on the plans' website.
The change will take effect July 1. The current record keeper is Prudential Financial.
According to the newsletter, the company's retirement plan committee evaluated Prudential as “part of its fiduciary responsibilities,” and the change will provide participants “with lower overall fees and an improved level of service.”
Further information on the reason for the change could not be learned by press time.
The two 401(k) plans are the Ohio Cat Incentive Savings Plan and the Ohio Cat Union 401(k) Plan. The plans had $35 million and $7 million, respectively, in assets as of Dec. 31, 2012, according to the company's most recent Form 5500 filing.
Sonja Metzler, director of human resources at Ohio Machinery, did not return phone calls by press time.
