Crain Communications Inc., Detroit, hired Principal Financial Group as record keeper of its three defined contribution plans, said William A. Morrow, senior executive vice president.
The three plans — the Voluntary Savings Plan, Service Reward Plan and Profit Sharing Plan — had $104 million in assets combined as of Dec. 31.
The company conducted an invitation-only search last fall because it had been some time since Crain had conducted such a search. Current record keeper Wells Fargo was included in the search.
The transition will occur June 1. Mr. Morrow said any changes to the plan’s investment lineup have yet to be determined.
Institutional Investment Consulting assisted.
Crain Communications Inc. publishes Pensions & Investments.