Sears outsources pension administration. (Sears, Roebuck and Co.)

Business Insurance, August, 1997 by Williams, Fred

HOFFMAN ESTATES, Ill. Sears Roebuck & Co. will out-source the administration of its $1.8 billion defined benefit plan and the investment management and administration of its $4.6 billion 401(k) plan. Sears selected Wellspring Resources L.L.C., an Orlando, Fla.based joint venture between State Street Global Advisors and Watson Wyatt Worldwide, to administer its defined benefit pension plan.

Boston-based State Street Global will serve as bundled service provider for the Sears 401(k) plan, which now is managed internally. Sears officials in Hoffman Estates, Ill., declined to give details, but a spokesman acknowledged the selection of State Street Global and Wellspring effective sometime in 1998. Jim Phalen, senior vp and managing director of retirement and...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.