Bettcher Industries Inc., Birmingham, Ohio, hired Principal Financial Group as record keeper of its 401(k) plan, said Timothy McNeill, vice president, finance, and chief financial officer.
Principal will replace Charles Schwab effective Oct. 13. A blackout period for participants will begin at 4 p.m. EDT on Oct. 6 and end during the week of Oct. 29.
The change is being made because 80% of the previously fully employee-owned company was sold to a private equity firm, Mr. McNeill said. Principal has been the provider of the company's employee stock ownership plan, and because a majority of participants' assets would need to be moved to the 401(k) plan, the company decided to have one provider of both plans.
The Bettcher Industries Inc. 401(k) Retirement Savings Plan had $19 million in assets as of Dec. 31, according to the plan's most recent Form 5500 filing. The ESOP had $41 million in assets as of the same date, according to that plan's most recent Form 5500.