Columbus McKinnon Corp., Amherst, N.Y., hired Fleet Retirement Plan Services as bundled provider for its 401(k) plans, which have a combined $70 million in assets. Fleet Retirement already administers the firm’s defined benefit plan, said Robert L. Montgomery Jr., Columbus McKinnon CFO.
The company — which has doubled in size to 4,500 employees in five years, in part due to acquisition — is consolidating 10 defined contribution plans into two, Mr. Montgomery said. The plans were administered in-house, with the investments provided by American Funds Group.
Fleet and its alliance partners — Columbia, American Century, Fidelity, INVESCO, Janus, Neuberger Berman and Putnam Investments — are offering the following identical funds to each new plan: stable asset, bond, balanced, equity income, index, large-cap growth, multi-cap growth, small-cap, midcap growth and international growth, he said.
