Waste Management Inc., Houston, hired Bank of America Merrill Lynch as record keeper of its newly merged 401(k) plan, said Gordon Blasius, vice president, compensation and benefits.
The change is effective Sept. 23, the same date the merger of the company’s two 401(k) plans takes effect. Mr. Blasius said there was a comprehensive RFP process for a record keeper last year, and the decision was made then to merge the plans because there were “certain efficiencies” in doing so.
Voya Retirement Services is the current record keeper of the two plans. Mr. Blasius did not provide further information on the search process.
According to the company’s most recent 11-K filings, as of Dec. 31, the Waste Management Retirement Savings Plan had $2 billion in assets, and the Waste Management Retirement Savings Plan for Bargaining Unit Employees had $34 million in assets.
