JetBlue Airways Corp., New York, signed a letter of intent to hire Empower Retirement as the record keeper of its 401(k) plan, said a newsletter to union employees.
The newsletter to Air Line Pilots Association members from the JetBlue Master Executive Council said: “In the course of performing its fiduciary due diligence of evaluating several record keepers, management decided to move to Empower because they claim there will be a higher level of service to participants, along with a reduction in participant fees.”
The transition to Empower is expected in summer 2017; information regarding the precise date of the transition and changes to investment options was not yet available.
The current record keeper is T. Rowe Price, according to the company’s most recent Form 5500 filing. Whether T. Rowe was considered to be retained could not be learned by press time.
As of Dec. 31, the JetBlue Airways Retirement Plan had $1.5 billion in assets, according to the Form 5500 filing.
JetBlue officials could not be reached for further information by press time.