Vanguard Group announced on Tuesday it will no longer offer administration services for defined benefit plans in order to expand services to defined contribution plan clients.
The company “currently provides administration services for the DB plans of a small group of its DC clients” and will assist those clients in moving to new DB plan administrators, according to a news release.
“We believe we can maximize our impact on the retirement security of U.S. investors if we focus on record keeping, investments and associated services for DC plans,” said Chris McIsaac, managing director, institutional investor group at Vanguard, in the news release, “as well as investments and other services for DB plans.”
Further information regarding the DB administration business was not immediately available.
Rob Kozlowski writes for Pensions & Investments, a sister publication of Business Insurance.