Elliot Health System, Manchester, N.H., hired Empower Retirement as the record keeper for its 401(k) plan, 403(b) plan and two 457 plans, replacing Principal Financial, effective at the end of December.
The announcement was made on an Empower website aimed at participants in the various Elliot plans. The Elliot Health System Pension Plan is unaffected by this change.
"This decision follows an extensive review process, during which we have been working behind the scenes to thoughtfully build a new and user-friendly benefit platform with you in mind," said a statement on the website attributed to the health system.
The statement said Empower will offer "an updated investment menu," as well as "lower administrative fees, and "more opportunities to meet on-site with a retirement counselor.
Further information could not be learned.
The Elliot Health System 403(b) Savings Plan had $241.2 million in assets and the Elliot Health System 401(K) Savings Plan had $9 million in assets, both as of Dec. 31, 2017, according to the latest Form 5500 filings. Information on the two 457 plans was not available.