Medtronic Inc., Minneapolis, hired Fidelity Investments as record keeper of its 401(k) plan, Ken Fairchild, vice president of global rewards, said in an email.
Fidelity will become record keeper effective July 1. A blackout period for participants will begin June 24 and end July 14, followed immediately by its regular quarterly blackout period beginning July 15 and ending on Aug. 31.
Fidelity replaces Alight Solutions. Mr Fairchild said Fidelity was chosen following an RFP process intended to assess "key service considerations for current and potential vendors." He did not provide further information.
As of April 30, 2018, the Medtronic Savings and Investment Plan had $9.7 billion in assets, according to the company's most recent 11-K filing with the SEC.