Salt River Project, Phoenix, added the T. Rowe Price Growth Stock fund as an investment option in its $392 million 401(k) plan, replacing the Janus Fund, said Sue Ann Perkinson, assistant treasurer, funds administration. The Janus Fund was dropped for performance and organizational reasons, she said. Janus is "disappointed to lose any client, especially in light of the progress we've made" on both performance and regulatory standpoints, said Shelley Peterson, Janus spokeswoman. "We're extremely confident we can deliver for all of our shareholders."
Plan officials also dropped the American Century Heritage fund as an option because of performance, Ms. Perkinson said. Money in the fund will be moved into another of the plan's options, the American Century Small-Cap Value fund. Chris Doyle, American Century spokesman, didn't comment.
Separately, the American Century Strategic Allocation lifestyle funds were added as the plan's first lifestyle offerings.
The plan will offer 12 investment options. J.P. Morgan Retirement Plan Services is bundled provider; J.H. Ellwood & Associates is assisting.