Calsonic North America Inc., Shelbyville, Tenn., hired Putnam as bundled provider for its $58 million 401(k) plan, replacing Zurich Scudder, said Dawn Herms, human resources systems administrator. Putnam will offer 13 new investment options, up from nine; it was chosen because it offered a wider variety of options, lower administrative costs and better customer service, she said.
Separately, Calsonic hired CIGNA Retirement Services to run its $25 million pension plan, said Ms. Herms. CIGNA replaces IBJ Whitehall as investment manager, William M. Mercer as actuary and Bank of New York as administrator. The move was made to reduce costs and quicken response time, she said. CIGNA will oversee the following separate account equity managers: Dresdner RCM, large-cap growth; Wellington, large-cap value and midcap value; Artisan, midcap growth; Sterling, small-cap value; and TimesSquare, small-cap growth. TimesSquare also manages a core fixed-income portfolio, and Bank of Ireland, international equities, she said. Further information was not available. The plan’s asset allocation is 52% equity, 40% fixed income and 8% short-term investments.
Salomon Smith Barney advised.
