Quadion Corp., Minneapolis, later this month will decide on any action against Putnam Investments, administrator and record keeper of its 401(k) and profit-sharing plans, said Pete Peterson, vice president-human resources. Officials at the plans, with a combined $60 million in assets, are taking a "wait and see" approach to the civil fraud charges filed against the firm, but they feel the alleged trading abuses likely had "a very minimal effect, if any" on Quadion plan participants. Putnam "does an excellent job" of servicing Quadion's plans, he added. Putnam representatives will attend the plans' semiannual meeting toward the end of the month, Mr. Peterson said.
The plans, which mirror each other, offer 15 investment options. Mercer Investment Consulting is assisting.