Toro Co., Bloomington, Minn., is conducting a shortlist search for a bundled provider for its $381 million 401(k) plan, said Joyce Lilienthal, director-compensation and benefits. Plan officials are concerned about current provider Putnam Investments' involvement in the mutual fund trading scandal, but Putnam can rebid, Ms. Lilienthal said. Consultant Defined Contribution Advisors recommended the search. A selection is expected by mid-March. The plan has 11 investment options.
"Toro has been a very important client for Putnam and we continue to have a close relationship and open dialogue with them," said John Brown, head of institutional management at Putnam.