Koch Industries, Wichita, Kan., hired J.P. Morgan Retirement Plan Services as bundled provider of its $630 million 401(k) plan, according to Dawn Qualls, manager of employee benefits. Previous bundled provider Putnam was terminated because "there were concerns because of the situation Putnam had with the regulators. But we were very happy with Putnam," Ms. Qualls said. The plan offers 15 investment options, including a self-directed brokerage account, up from 14 options.
"We're disappointed about their decision but hope that we will have the opportunity to manage assets again for them in the future," said Laura McNamara, Putnam spokeswoman.