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Vanguard Furniture Company Consolidates Retirement Services with First Union HICKORY, N.C. - Vanguard Furniture, a manufacturer of fine upholstered and leather furniture, has consolidated all of the retirement services for its employees with First Union. First Union will administer Vanguard's new retirement plan, which combines the company's former 401(k) and profit-sharing plans, and will manage the investment of the combined assets. "We've administered Vanguard's profit sharing plan for more than 15 years, and we consider it a great compliment that the company has chosen First Union to manage its complete retirement services package," said Joseph Ready, senior vice president with First Union's Institutional Trust division, which includes Retirement Services. "First Union offered the advantage of a turn-key package with one contact where we used to have three, each at three different companies," said Keith Hart, vice president of operations for Vanguard. "We have a long-trusted relationship with First Union. Given that we were making a major change in a profit-sharing plan that has a 30-year tradition, we also felt it was important to our employees to have the comfort of a trusted name like First Union." First Union's extensive education programs for plan participants also differentiated its proposal from that of the competition, Hart said. The Vanguard plan has more than 500 participants and approximately $15 million in assets. The new, consolidated plan is a daily valuation 401(k) plan with a discretionary profit-sharing option. First Union recently was recognized by Human Resources Executive magazine as one of the nation's leading 401(k) plan administrators and fund managers for mid-size and large corporate plans. The magazine ranked First Union sixth nationally among plan administrators in terms of its percentage of satisfied customers and 11th nationally among fund managers. First Union administers more than 2,400 defined contribution plans. Its 401(k) services are part of the Institutional Trust department in the Capital Management Group. CMG has more than $136 billion in assets under management and $603 billion in assets under care for customers through its mutual fund, brokerage, insurance, trust and investment management divisions. First Union Corporation (NYSE:FTU) is a leading provider of financial services to more than 16 million retail and corporate customers throughout the East Coast and the national First Union is the nation's sixth largest bank holding company, based on assets of $234.6 billion as of Sept. 30, 1998 and ranks among the top 15 financial services companies in the world, based on market capitalization. The company operates full-service banking offices in Connecticut, Delaware, Florida, Georgia, Maryland, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and Washington, D.C. |
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