Retirement Plan Consolidation for Manufacturing Company

Client Type: Public Company

We represented a publicly traded manufacturing company in the consolidation of three pension plans and three 401(k) plans following its $1.4 billion acquisition of another company. The plans had combined assets in excess of $2 billion, each with different benefit formulas and service providers. We ran two separate RFP processes designed to harmonize retirement benefits between the two companies. We collected and evaluated potential vendors, negotiated all service agreements with the new vendor, terminated the existing service providers, engaged a new investment advisor and an investment transfer fiduciary to oversee the investment migration, and established new trusts and plan documents as well as governance documents needed for the prudent discharge of duties by the plan’s fiduciaries. The RFP processes have resulted in a dramatic improvement in the quality of services provided and are expected to save our client approximately $6.5 million over a two year period.

We represented a publicly traded manufacturing company in the consolidation of three pension plans and three 401(k) plans following its $1.4 billion acquisition of another company. The plans had combined assets in excess of $2 billion, each with different benefit formulas and service providers. We ran two separate RFP processes designed to harmonize retirement benefits between the two companies. We collected and evaluated potential vendors, negotiated all service agreements with the new vendor, terminated the existing service providers, engaged a new investment advisor and an investment transfer fiduciary to oversee the investment migration, and established new trusts and plan documents as well as governance documents needed for the prudent discharge of duties by the plan’s fiduciaries. The RFP processes have resulted in a dramatic improvement in the quality of services provided and are expected to save our client approximately $6.5 million over a two year period.