Turner Industries Group, Baton Rouge, La., hired Vanguard Group as record keeper of its 401(k) plan, said employee benefit materials on the plan’s website.
The transition began Dec. 28 and will be completed Jan. 15, according to the materials. The previous record keeper, according to the company’s most recent Form 5500 filing, was Merrill Lynch, Pierce, Fenner & Smith. The reason for the change was not given.
Also, the plan has changed its investment option lineup, adding a target-date fund series managed by Vanguard Group, as well as a stable value fund, a domestic large-cap value equity fund and a domestic midcap core equity fund also managed by Vanguard. Which funds they are specifically replacing was not provided.
The plan now has a core lineup of 12 investment options.
As of Dec. 31, 2015, the Turner Industries Group 401(k) Plan had $204 million in assets, according to the Form 5500 filing.
Daniel Burke, director, corporate benefits, did not return a phone call seeking further information by press time.
