Dollar Tree Inc., Chesapeake, Va., hired Empower Retirement as record keeper of its 401(k) plan.
The retailer hired Empower to replace Wells Fargo as record keeper effective March 1, confirmed company spokeswoman Kayleigh M. Painter.
Wells Fargo sold its record keeping business to Principal Financial Group in 2019. Ms. Painter would not provide further information.
According to a FAQ also posted on the plan's website, there have been no changes in the investment options lineup except for the addition of the Fidelity 500 Index Fund, a passive domestic large-cap equity fund managed by Fidelity Investments, and the removal of the WF/BlackRock S&P 500 Index CIT Fund, a collective investment trust fund managed by Wells Fargo Asset Management and subadvised by BlackRock.
As of Dec. 31, 2019, the Dollar Tree Retirement Savings Plan had $792 million in assets, according to the company's most recent Form 5500 filing.
Company spokeswoman Kayleigh M. Painter could not be immediately reached for further information.