Flagstar Cos. Inc., Spartanburg, S.C., hired American Express Financial Services for bundled 401(k) plan services. Flagstar's $88 million Denny's 401(k) Plan and $50 million Flagstar 401(k) Plan each will be converted by Sept. 1 to a daily valued program.
American Express will manage an equity index and stable value funds along with company stock. An international equity fund managed by Templeton International is also included. Also, the company's consultant, RogersCasey, designed a small-company equity fund and three asset allocation funds. The asset allocation funds will be monitored by RogersCasey and managed by American Express.
The plan is now unbundled, with monthly record keeping from Godwins, Booke & Dickenson and trust services from NationsBank. Four investment options are now offered in both 401(k) plans: a stable value fund managed by Brentwood Advisors, the Dreyfus Fund, the Vanguard Explorer Fund and company stock.
RogersCasey assisted with plan redesign and manager selection