IAM National Pension Fund, Washington, hired New York Life Retirement Plan Services as the record keeper of its $301 million 401(k) plan.
The current record keeper is Prudential Financial; the change was made “in accordance with 'best practice,' which requires a periodic review of service providers,” according to a posting on the plan's website.
A blackout period for participants will take place beginning at 4 p.m. EDT on June 25 and ending the week of July 13.
There will also be changes to the investment options with the hiring of New York Life. Of the 11 investment options and one target-date fund option, the following are new: a domestic midcap equity fund managed by Invesco, a domestic small-cap core equity fund managed by J.P. Morgan Asset Management, Pacific Investment Management Co.'s Total Return Fund, and four new funds managed by Vanguard Group: domestic growth and value equity funds, and core international and domestic equity index funds. The plan is also adding a series of target-date funds managed by Vanguard.
The plan is removing domestic equity options managed by American Funds, Prudential Financial, Goldman Sachs Asset Management, Kennedy Capital Management, LSV Asset Management, Munder Capital Management, Nuveen Investments; an international equity option managed by AQR Capital Management; and fixed-income options managed by PIMCO and State Street Global Advisors. The plan is also removing a target-date fund series managed by Manning & Napier.
Angela Curseen-Jackson, chief operating officer-investments, did not immediately return a phone call seeking further information.