Trinity Health Corp., Livonia, Mich., hired Fidelity Investments as record keeper of its 401(k) plan.
The company issued an RFP in 2019 to fulfill its fiduciary duties by putting the services up for bid, said Kim Cooley, director, retirement programs.
Fidelity will replace Transamerica Retirement Solutions; a blackout period for participants began at 4 p.m. EST on Dec. 23 and will end during the week of Jan. 19.
Transamerica rebid, Ms. Cooley said. The plan has 14 core investment options and a target-date fund lineup managed by Vanguard Group.
As of Dec. 31, 2018, the Trinity Health 401(k) Retirement Savings Plan had $686 million in assets, according to the health system's most recent Form 5500 filing.