By Nick Thornton
Tenneco Inc., a global manufacturer of automotive technologies with 26,000 employees, has moved the administration of its retirement assets to Fidelity Investments.
will oversee the retirement plans of 7,700 employees in Tenneco’s 401(k) plan and the 11,000 employees in its defined benefit plan.
Tenneco’s employees’ retirement assets are valued at nearly a $1 billion.
The Lake Forest, Illinois, company froze its three defined benefit plans in 2006.
Fidelity manages defined contribution plans for 23,000 companies. It also administers 820 defined benefit plans for 170 companies and 4.4 million participants.
As of the end of March, Fidelity controlled $1.37 trillion in retirement assets, accounting for about a quarter of the market, according to reporting by Bloomberg.
Originally published on BenefitsPro.com