TimkenSteel Corp., Canton, Ohio, hired Bank of America Merrill Lynch as record keeper of its 401(k) plans, said company spokeswoman Jennifer Beeman in an email.
The company issued an RFP earlier this year to check the market. Incumbent record keeper Empower Retirement was included in the process. Ms. Beeman said the company believes Merrill "will bring an improved participant experience with an emphasis on financial wellness."
A blackout period for participants begins at 4 p.m. EDT on Sept. 23 and will end at 8 a.m. EDT on Oct. 14.
As of Dec. 31, the TimkenSteel Corp. Savings and Investment Pension Plan had $261 million in assets, the TimkenSteel Corp. Voluntary Investment Pension Plan had $128 million in assets, the TimkenSteel Corp. Savings Plan for Certain Bargaining Employees had $2 million in assets and the TimkenSteel Corp. Bargaining Savings and Investment Pension Plan has $145,000 in assets, according to the company's most recent 11-K filings.
