Time Warner Inc., New York, will drop four Strong fund investment options in its 401(k) plans, according to an internal memo sent to plan participants by the Time Warner investment committee. The Strong funds are the Government Securities, Growth, Opportunity and Advisor Common Stock. The memo said recent organizational changes at Strong, plus the possibility the firm will be sold, "have created uncertainties about the future performance of the funds and the stability of the fund organization." The funds will be closed to new contributions on March 8 and dropped on June 8; money remaining in the Strong funds will be transferred to the Fidelity Retirement Government Money Market Portfolio.
Harry Spencer, who oversees Time Warner's $3.6 billion in 401(k) assets, did not return phone calls seeking comment. Stephanie Truog, Strong spokeswoman, said the firm would not comment on Time Warner's action.
