Financial Institutions Inc., Warsaw, N.Y., hired Vanguard Group as record keeper of its 401(k) plan, said Shelly J. Doran, company spokeswoman, in an email.
Vanguard will replace Milliman effective Nov. 1, Ms. Doran said, adding that the company chose Vanguard after an "extensive search" and that "moving to Vanguard ensures that our employees have access to the investments, tools and resources they need to plan for their financial future with confidence."
A blackout period for participants will begin at 4 p.m. EDT on Oct. 10 and end during the week of Oct. 21.
As of Dec. 31, the Financial Institutions Inc. 401(k) Plan had $47 million in assets, according to the company's most recent 11-K filing. Also as of that date, the plan had 15 investment options and a Financial Institutions Inc. company stock fund.