Whirlpool Corp., Benton Harbor, Mich., hired Putnam Investments to upgrade and modernize its $500 million 401(k) plan, said David Deranek, senior treasury analyst and project leader for the redesign.
Whirlpool is increasing its investment options to 10 from eight. Four options were retained. Two of those had been overseen by Whirlpool's previous record keeper, First Chicago NBD, and now will be handled by Putnam.
New investment options include Putnam's New Opportunities, Voyageur and Putnam Income funds. In addition, three risk- and age-weighted lifestyle funds will be available, also managed by Putnam.
Two IDS mutual funds and two Woodward funds managed by First Chicago NBD were dropped.
DeMarche Associates assisted.