Teepak LLC, Lisle, Ill., will begin a shortlist search for the first full-time investment consultant to its two 401(k) plans, which have combined assets of $43 million, said Patricia Riccio, benefits manager. The consultant will review bundled provider Putnam Investments because of market-timing allegations against the firm, Ms. Riccio said, and will also work with trustees of the company's three defined benefit plans, which have combined assets of $23 million, to see that officials are fulfilling their fiduciary duties, she said. The 401(k) plans, which mirror each other, offer 12 investment options.
"We believe the initiatives we've recently undertaken to earn back investor trust will be a benefit over the long term," said Laura McNamara, Putnam spokeswoman. "Our top priority is managing the money that has been placed in our care."
Plan officials haven't determined when the RFP will be released or the deadline for responses, Ms. Riccio said, but a selection is expected by the end of May.