Baker Hughes hired Empower Retirement as record keeper for its 401(k) plan.
Empower replaces Alight Solutions, according to the plan's 2019 summary description.
The $3.4 billion plan is also replacing the three style funds (conservative, moderate and aggressive) and the balanced inflation-plus fund with new target-date funds.
Participants invested in the balanced inflation-plus fund will be transferred to a target-date fund based on their estimated retirement age. No changes are being made to the core funds.
Baker Hughes spokesman Thomas Millas declined to comment.
