BNY Mellon has been named custodian for US food company Smithfield Foods’s employee defined benefit plan.
The bank will provide custody, accounting, performance measurement and benefit disbursement services for the plan, which has more than $1 billion in assets under administration.
“BNY Mellon's highly developed technology solutions and responsive client service staff will allow us to better serve our thousands of employees and retirees around the country,” said Tim Dykstra, vice president and treasurer of Smithfield Foods.
“We look forward to supporting Smithfield Foods in this new mandate," said Samir Pandiri, executive vice president and head of asset servicing-Americas at BNY Mellon. “As always, we'll work hard to deliver the information, performance metrics, and related services Smithfield requires to make informed decisions in managing their employee defined benefit plan.”
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