International Brotherhood of Electrical Workers Local Union No. 8, Toledo, Ohio, hired MassMutual Financial as record keeper of its newly merged 401(k) plan, according to a posting on the plan’s website.
MassMutual replaced Mercer effective Feb. 1. Mercer had been the record keeper of the union’s two plans, the IBEW Local No. 8 401(k) Plan and the larger Local No. 8 IBEW Retirement Plan & Trust.
The posting said trustees elected to merge the plans to “improve your experience and … allow the local to save on legal, auditing and other plan related fees by no longer maintaining two separate plans.”
According to the plans’ most recent Form 5500 filings, as of Dec. 31, 2015, the Local No. 8 IBEW Retirement Plan & Trust had $369 million in assets and the IBEW Local No. 8 401(k) Plan had $12 million in assets.
Vicky Galloway in the union’s benefits office was not available by press time.
