The City of Thornton, Colo., hired ICMA Retirement Corp. as a bundled provider for both its general employees' and policemen's defined contribution retirement plans, confirmed Charlie Long, administrative services director. The City of Thornton Employee Pension Plan and the Police Pension Plan have about $10 million each in assets. The plans previously were managed by the First Interstate Bank of Denver.
``We made the change because we had our 457 plan through ICMA and our 401(a) plan through First Interstate and we wanted to bundle them together,'' Mr. Long explained. Employees will be able to invest their retirement money in as many as 25 options, up from four offered by First Interstate Bank.