Newell Brands Inc., Hoboken, N.J., hired Fidelity Investments as record keeper of the company's new 401(k) plan, said participant brochures announcing the new plan.
The company is merging eight 401(k) plans into the new Newell Brands Employee Savings Plan effective Tuesday. A blackout period for participants in the eight 401(k) plans that are merging into the new plan began on Dec. 22 and will end during the week of Jan. 7. Newell Brands was formed in 2016 from the merger of Newell Rubbermaid and Jarden Corp.
The eight 401(k) plans merging into the new plan, with assets as of Dec. 31, 2016, according to their most recent Form 5500 filings, and their prior record keepers according to the brochures, were:
- Newell Rubbermaid 401(k) Savings & Retirement Plan, $973 million, Empower Retirement;
- Jarden Corporation Savings and Retirement Plan, $463 million, Wells Fargo;
- Jostens 401(k) Retirement Plan, $247 million, Fidelity Investments;
- Jarden Standard 401(k) Savings Plan, $107 million, Wells Fargo;
- The Waddington Group 401(k) Plan, $40 million, MassMutual Financial;
- The LN Co. 401(k) Retirement Savings Plan, $23 million, Fidelity Investments;
- Smith Mountain Industries Inc. 401(k) Plan, $1.2 million, American Funds; and
- BOC Plastics Inc. 401(k) Plan, $211,434, ADP.
The new plan's investment options lineup consists of four tiers: An actively managed tier of four funds, a passively managed tier of five funds, a target-date fund lineup managed by Fidelity Investments and a self-directed brokerage account. The active funds are an international equity fund managed by Capital Group, a domestic equity fund managed by T. Rowe Price Group, a fixed-income fund managed by Fidelity and a stable value fund, without a manager identified. The passive funds are four funds managed by Northern Trust Asset Management and a company stock fund. Information on the eight plans' previous lineups was not immediately available.
Michael Sinatra, company spokesman, could not be immediately reached to provide further information.
