Pacificare Health Systems Inc., Santa Ana, Calif., has added Wells Fargos fixed-income fund and Montag and Caldwells balanced fund as options in its $350 million 401(k) plan. The new options replace a Putnam fixed-income fund and a Palley Needleman balanced fund; both were terminated for performance, said Coy Baugh, vice president and treasurer.
Officials at Putnam did not return phone calls by press time. Roger Palley, president and chief investment officer of Palley Needleman, said his firm had a long, wonderful relationship with Pacificare and they felt badly that the sponsor bailed out when it did.
Buck Consultants is the plans administrator and record keeper, and Wells Fargo is trustee.
The existing fund options are: State Street Global small-cap; T. Rowe Price international equity; Putnam Voyager; Vanguard institutional; Fidelity equity income; and Wells Fargo short-term fixed-income.