American Airlines Inc., Fort Worth, Texas, hired Fidelity Investments as sole provider for its 401(k) plans, starting in mid-2015, said Elise R. Eberwein, executive vice president, people and communications, for American Airlines, in an e-mail.
A search was launched after the company's merger with US Airways Inc. American hired Towers Watson as a consultant to assist in the search.
Fidelity Investments was the record keeper for the US Airways plans, while J.P. Morgan Retirement Plan Services was the record keeper of the American Airlines plans. The J.P. Morgan unit was acquired by Great-West Financial earlier this year. It could not be learned by press time whether it rebid for the American contract.
“We're thrilled [Fidelity was selected] because we think this is an acknowledgement of all we have been doing in the marketplace,” said Steve Patterson, executive vice president of sales at Fidelity, in a telephone interview.
American Airlines' 401(k) plans and US Airways' 401(k) plans have about $14 billion in combined assets. The plans will be combined in 2015, Ms. Eberwein wrote.
