Iron Workers, Mid-American Pension Fund, Lansing, Ill., hired Comerica Bank as its first record keeper and as a replacement for Amalgamated Trust as custodian for its $300 million defined contribution plan, said Joseph Burke, administrator.
The plan will be converted from trustee-directed to self-directed and will offer a lifestyle fund option effective April 1, he said.
Amalgamated was replaced because the fund wanted to receive its record-keeping and custodial services from one company, Mr. Burke said. Amalgamated remains the custodian for the fund's $180 million defined benefit plan. Marco Consulting Group assisted.