Applied Industrial Technologies Inc., Cleveland, hired Schwab Retirement Plan Services as record keeper of its 401(k) plan.
Schwab will replace Principal Financial Group, according to an 8-K filing with the SEC on Nov. 12.
The filing did not provide a reason for the change. A blackout period for participants will begin at 4 p.m. EST on Dec. 20 and end during the week of Jan. 19.
As of Dec. 31, the Applied Industrial Technologies Inc. Retirement Savings Plan had $774 million in assets, according to the company’s most recent 11-K filing.