Martin Marietta Materials Inc., Raleigh, N.C., hired Fidelity Investments as record keeper of its 401(k) plan.
Fidelity replaced Wells Fargo as record keeper effective May 1, according to the company's 11-K filing with the SEC on Wednesday.
Wells Fargo's record-keeping business was purchased by Principal Financial Group in 2019. The 11-K filing did not disclose why Principal Financial was not retained as record keeper.
The filing also said in connection with the change, "investments were transferred from Wells Fargo-sponsored funds to Fidelity-sponsored funds with similar investment objectives." The filing did not disclose the names of the new investments.
As of Dec. 31, the Martin Marietta Savings and Investment Plan had $738 million in assets, according to the 11-K filing.
Martin Marietta officials could not be immediately reached for further information.