Florida Steel Corp., Tampa, hired Hewitt Associates as general consultant for its $75 million defined benefit plan, said Gordon Gunsler, treasurer. Hewitt replaces SEI Capital Resources, which was put up for sale by its parent company, SEI Corp. A buyer is expected to be announced this month. No other searches are planned.
Steeltech Manufacturing Inc., Milwaukee, hired Strong Capital Management to service a new 401(k) plan for its 250 employees. Strong's retirement plan services division is providing bundled, daily valued service for the plan, including investment management, trust and administration, an automatic voice response system, employee communication and investment education.
Six diversified Strong mutual funds are offered to employees, said Jim Zimmerman, vice president-finance and administration. The company is matching 25% of the employee's contribution, up to 4% of salary deferral.
The $100 million-plus Transport Workers Union-Metropolitan Suburban Bus Authority Employees' Pension Trust, East Meadow, N.Y., hired Loomis Sayles and Amivest to manage domestic growth equity portfolios, said Joan Engert, fund manager. Loomis will manage $21 million; Amivest, $6 million.
Both will be funded from proceeds of a maturing GIC with The New England.
Reynolds Securities is the fund's consultant.
Frankenmuth Mutual Insurance Co., Frankenmuth, Mich., hired T. Rowe Price to provide bundled services for its $12 million defined contribution plan, effective Jan. 1. Seven diversified T. Rowe Price mutual funds will be offered. T. Rowe Price also will provide trust and administrative services, daily valued record keeping, an automated voice response system, employee communications and investment education.
Frankenmuth previously used an internal record-keeping system. Two existing GIC contracts will continue as plan options until they mature, said Allen C. Luther, the company's treasurer. Two existing investment options, managed by Equitable and Vanguard, will be dropped.
Asset Strategies Portfolio Services assisted