Bright Horizons Family Solutions Inc., Watertown, Mass., hired Fidelity Investments as record keeper and trustee of its 401(k) plan, confirmed company spokeswoman Bridget Perry in an email.
Fidelity replaced MassMutual Financial effective April 18. Ms. Perry said the change "was a routine process of considering alternative providers and the associated service offerings which can best serve our employees and their retirement needs." She added that MassMutual was considered in that process, and some changes in investment options are to be expected. She did not elaborate.
As of Dec. 31, the Bright Horizons 401(k) Plan had $262 million in assets, according to the 11-K filing on June 19. Also as of Dec. 31, the plan had 10 investment options, a company stock fund and a target-date fund lineup managed by T. Rowe Price Group.