Teepak LLC, Lisle, Ill., hired J.H. Ellwood & Associates as its first investment consultant for its two 401(k) plans, with combined assets of $43 million, and three pension plans, with a total of $23 million, said Patricia Riccio, benefits manager. DiMeo Schneider and Ennis Knupp were the other finalists. Ms. Riccio previously said the new consultant will review bundled provider Putnam Investments because of market-timing allegations against the firm; in an interview Tuesday, she would not specify what search would take place, saying preliminary meetings with Ellwood had not taken place. Teepak's 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."