Austin Industries Inc., Dallas, will add the Vanguard Primecap fund as an option in its $115 million 401(k) plan and close the Vanguard U.S. Growth fund to new contributions, said Sylvia Banks, retirement plan administrator. Trustees were concerned about manager changes and performance on the U.S. Growth option, Ms. Banks said. The plan might eventually drop the fund, but trustees did not want to force participants to immediately move their money, she said. Vanguard is the bundled provider to the plan, which offers 10 investment options. No consultant was used.
"Vanguard's board of trustees is monitoring the situation closely," said John Demming, Vanguard spokesman.
