The $25 million 401(k) plan of AMCOL International Corp., formerly called American Colloid Co., Arlington Heights, Ill., hired Northern Trust to provide bundled services that include the use of five money managers, said Amiel Naiman, benefits accounting manager.
The new bundled services, offered jointly by Northern Trust and its Hazlehurst & Associates unit, will take effect Jan. 1, providing record keeping and education services as well as increasing the plan's investment choices to eight from five.
Templeton Worldwide will manage an international equity portfolio; Dodge & Cox, a balanced fund; and Neuberger & Berman, a growth fund. Also Mr. Naiman said the plan will add a value equity fund and probably select Strong Capital Management to offer it; the company will decide soon. Northern Trust will manage three other portfolios: a Standard & Poor's 500 stock index fund, a stable-value fixed-income fund, and a bond fund.
The plan will continue to offer an existing company stock fund.
The managers will replace Fidelity Investments, which had been the plan's sole investment manager offering four investment options. He declined to name the previous record keeper but noted it was not Fidelity.
The Timberland Cos., Stratham, N.H., is in the process of converting its $6 million 401(k) plan to a fully bundled service from State Street Bank & Trust Co.
State Street is providing daily valued record keeping, trust and administrative services, an automated voice-response system and communications and investment education for the company's 650 U.S. employees.
Six mutual funds, managed by State Street, are offered to employees, including three Life Solution asset allocation funds. A self-directed brokerage option, also managed by State Street, is available. One equity mutual fund, managed by Fidelity Investments, is offered through an alliance, said Jeff Porter, senior benefits analyst.
The plan's previous record keeper was William M. Mercer, which provided quarterly valued services.
Three Vanguard mutual funds comprised the investment lineup.