ALLETE Inc., Duluth, Minn., hired Empower Retirement as record keeper of its 401(k) plan, the company disclosed Wednesday in an 8-K filing with the Securities and Exchange Commission.
Empower Retirement replaces Wells Fargo, effective Nov. 1. A blackout period for participants will begin at 3 p.m. CDT on Oct. 25 and end during the week of Nov. 18. A reason for the change was not provided.
As of Dec. 31, the ALLETE and Affiliated Companies Retirement Savings and Stock Ownership Plan had $491 million in assets and offered to participants 13 investment options, a company stock fund and a target-date fund lineup managed by BlackRock (BLK), according to the company's most recent 11-K filing.
Amy Rutledge, company spokeswoman, could not be immediately reached to provide further information.