United Parcel Service Inc., Atlanta, hired Bank of New York Mellon as custodian and trustee of its 401(k) plan.
BNY Mellon will replace State Street Bank, effective July 1, according to the shipping company's 11-K filing with the SEC on Tuesday.
The change was "made as part of the plan's ongoing governance practices and fiduciary responsibility," the company said in the filing.
As of Dec. 31, the UPS 401(k) Savings Plan had $10 billion in assets, according to the 11-K.
Glenn Zaccara, UPS spokesman, could not be immediately reached for further information.