OMNOVA Solutions Inc., Fairlawn, Ohio, added the Templeton Foreign fund as an investment option in its $60 million 401(k) plan, replacing the Putnam International Equity fund, said Marty Miller, manager-pension and savings plans. Trustees made the change following market-timing accusations against Putnam Investments, Mr. Miller said. National City, the bundled provider, assisted. The plan offers 13 investment options, including a self-directed brokerage window.
"Putnam has put in place some of the most rigorous governance, oversight, trading and compliance practices in the mutual fund industry, and we think these will come to be recognized by investors," said Sinead Martin, Putnam spokeswoman.