Chicago Regional Council of Carpenters hired John Hancock Retirement Plan Services as record keeper for its supplemental retirement plan, said an announcement on the council's website.
John Hancock replaced Mercer. The reason for the switch could not be learned. Transamerica Retirement Solutions announced last month it is acquiring Mercer's record-keeping business.
Also, the Vanguard Institutional Index fund, managed by Vanguard Group, will replace the Putnam S&P 500 Index fund as a large-cap equity option, according to a transition guide on the council's website. The reason for the change could not be learned by press time.
Outside of some share class changes, the rest of the investment menu is expected to look the same. The plan has 12 mutual fund investment options, a stable value fund and a series of Vanguard target-date funds.
As of Sept. 30, 2014, the plan had $437 million in assets, according to its most recent Form 5500 filing.
