Cornerstone Building Brands Inc., Cary, N.C., hired Fidelity Investments as record keeper of its newly merged 401(k) plans.
Fidelity became record keeper effective Jan. 1, according to an 11-K filing with the SEC on Wednesday. Fidelity replaced Wells Fargo.
A reason for the change was not provided, but Wells Fargo sold its record-keeping business to Principal Financial Group in 2019.
Also effective Jan. 1, the company merged the Environmental Materials LLC 401(k) Plan and Ply Gem 401(k) Savings Plan into the former NCI 401(k) Profit Sharing Plan, transferring participant balances totaling $275 million. The plan's name was changed to the Cornerstone Building Brands 401(k) Profit Sharing Plan, also effective Jan. 1.
Information on subsequent changes in investment options was not immediately available.
As of Dec. 31, the NCI 401(k) Profit Sharing Plan had $310 million in assets, according to the 11-K filing.
Tina Beskid, vice president of finance and investor relations, could not be immediately reached for further information.
