Wells Fargo & Co., San Francisco, announced Tuesday that it has signed a new 401(k) plan client.
Pacificare Health Systems Inc., Santa Ana, Calif., chose Wells as trustee for its tax-deferred retirement and profit-sharing plan, which has $157 million of assets. The plan, with more than 8,000 participants, offers seven investment options. Pacificare had a limited relationship with Wells Fargo, which was custodian and fund accountant for one of the managed-care company's investment options.
Wells Fargo's institutional trust group administers the plan through its PlanMaster program. Through this program, Wells Fargo has teamed up with consultants and record keepers who can provide customized services to sponsors of 401(k) plans.
Wells Fargo provides services to employee benefit plans with a combined $38 billion of assets. Its investment offerings include portfolios from Wells Capital Management and Barclays Global Investors, and a variety of mutual funds, including 150 no-loads.