Adaptec Inc., Milpitas, Calif., will keep Putnam as bundled provider for its $75 million its 401(k) plan, but might drop the Putnam Global Equity and International Equity funds as investment options, said a plan official who asked not to be identified. Officials are concerned about the market-timing charges against Putnam but don't want a replacement that might also turn out to be involved in the mutual fund scandal, the official said. Consultant Hewitt is conducting a shortlist search for new non-U.S. equity funds as possible replacements for the two Putnam funds, the official said. Changes might take place in June. The plan offers 16 investment options.
Separately, Rockford (Ill.) Firefighters' Pension Fund is reviewing its $8 million investment in the Putnam International Growth fund in response to market-timing lawsuits against the firm, said Ted Dutkiewitz, city revenue manager. Clark Consulting might present recommendations to trustees of the $117 million plan by the end of the month. Laura McNamara, Putnam spokeswoman, did not return a call by press time seeking comment.
