Tenneco Inc., a global manufacturer of automotive technologies with 26,000 employees, has moved the administration of its retirement assets to Fidelity Investments.
Fidelity 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.
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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.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
