Bank of the West will offer daily valued defined contribution plan services to its clients and moved its own $44 million savings plan for U.S. employees into the program.
Bank of the West will outsource most 401(k) services to third-party manager and plan administrator, Federated Investors. Federated will provide daily valuated record keeping, access to more than 75 funds managed in-house and by external firms, an education and communication program and an automated voice-response system. Bank of the West will provide local employee enrollment and investment education meetings. So far, six clients are being converted to daily valuation, said Walton C. Jennette Jr., senior vice president.
U.S. employees of the Bank of the West and its parent, Banque Nationale de Paris, will be offered Federated's four Managed Series Trust lifecycle funds and 10 other mutual fund and commingled trust options, all run by Federated. Bank of the West's own plan previously offered four investment options, managed internally. Record keeping was also internal.