Browne & Sharpe Manufacturing, North Kingstown, R.I., hired Putnam Investments to provide bundled services for its $30 million 401(k) plan. Assets will be converted May 1 to the new plan, which will offer five Putnam-managed investment options, as well as company stock. Putnam also will administer the company's employee stock ownership plan. Putnam also will provide daily valued record keeping, administration, trust and employee communication and investment education. The company previously used an unbundled approach with trust services from Fleet Bank, NYL Benefits for monthly valued record keeping, and three investment options from various managers, in addition to company stock.
Ipsilon Networks Inc., Palo Alto, Calif., hired Putnam Investments to provide bundled services for its start-up 401(k) plan. Six Putnam managed investment option are offered in a daily valued program. Ipsilon has 30 eligible employees.