Mail Boxes Etc., San Diego, hired Putnam Investments as bundled provider for its $7 million 401(k) plan, according to Janet Schneider, payroll manager.
Putnam will provide eight options, expanded from five. The new selections are: Putnam Money Market; U.S. Government Income Trust; Conservative Asset Allocation Portfolio; George Putnam Fund of Boston; Growth and Income; Putnam Investors; and New Opportunities. Mail Boxes also added a rollover feature to the plan, Ms. Schneider said.
Previously, Bank of America managed the investments and PricewaterhouseCoopers was record keeper for the formerly unbundled plan.
Mail Boxes executives made the change because they wanted to switch to daily valuation with a bundled provider, Ms. Schneider said. Moreover, both Bank of America and PricewaterhouseCoopers had indicated they would be focusing on Fortune 500 companies, she added.