Vision Service Plan, Rancho Cordova, Calif., dropped Strong Advisor Small-Cap Value fund as an investment option in its $110 million 401(k)/profit-sharing plan, replacing it with the Perkins, Wolf, McDonnell fund, said Walter Grubbs, vice president-human resources. Plan trustees felt it was their fiduciary responsibility to drop the Strong fund in light of the investigation into the company's mutual fund trading practices, Mr. Grubbs said.
"The important management changes and enhanced corporate governance measures being made at Strong will result in an even more robust institution that will continue to have at its core an enormous respect for the responsibility our clients entrust in us to manage their investments," Drew Wineland, Strong spokesman, said in a statement.
The plan offers 14 investment options, including a self-directed brokerage window. CIGNA, the bundled provider, assisted.