Sonepar USA, Philadelphia, hired Schwab Retirement Plan Services as record keeper for its 401(k) plan, said Annette Grabow, retirement program manager.
The plan's current record keeper is Prudential Retirement.
Ms. Grabow declined to comment on the reason for the switch but said an RFP was issued.
Also this month, the Hagemeyer North America Profit Sharing & 401(k) plan is merging into Sonepar USA's 401(k) plan. Sonepar acquired Hagemeyer's North American operations in March 2008.
The Sonepar USA 401(k) plan and Hagemeyer North America Profit Sharing & 401(k) plan had $255 million and $164.8 million in assets, respectively, as of Dec. 31, 2013, according to their most recent Form 5500 filings. Hagemeyer's record keeper prior to the plan merger was Merrill Lynch.
