Essential Utilities Inc., Bryn Mawr, Pa., hired Fidelity Investments as record keeper of its 401(k) plan.
The water utility disclosed the hiring in its June 21 11-K filing with the SEC.
Fidelity replaced T. Rowe Price Group, effective July 2022. Essential Utilities spokesman Nicholas Paradise said in an email the change was made to consolidate from multiple firms to a single record keeper. The company merged three other plans into the main 401(k) plan in 2022, according to the filing.
The company noted that some of the investment options offered in the plan were transferred in kind to the new record keeper, while some were liquidated and repurchased to a different share class, but no other changes were made to the investment options lineup.
As of Dec. 31, the Essential Utilities Inc. 401(k) Plan had $503 million in assets, according to the 11-K filing.