Toray Plastics America Inc., North Kingstown, R.I., hired John Hancock Retirement Plan Services as record keeper of its 401(k) plan.
John Hancock replaced Vanguard Group. The reason for the change, effective Aug. 1, was not disclosed in the company's July 31 Form 5500 filing.
In a news release from John Hancock Tuesday, Brad Ferguson, vice president-institutions at SWBC Retirement Plan Services, Toray's consultant, said Toray was "excited to work directly with John Hancock Retirement's experienced specialist service team on plan design and participant engagement. Throughout this process, we have been continually impressed with communication from all levels of the firm, including sales, service, and the executive and conversion teams."
As of Dec. 31, the Toray 401(k) Savings Plan had $259 million in assets, according to the Form 5500 filing. As of that same date, the plan had 13 individual mutual fund options, one collective investment trust option, a money market fund, a target-date fund lineup managed by Vanguard and a self-directed brokerage option.
Lisa Ahart, Toray's vice president of U.S. corporate human resources and environmental health and safety, could not be immediately reached for further information.
