Karsten Manufacturing Corp., Phoenix, hired Charles Schwab as bundled provider of its 401(k) plan, effective Oct. 1, said Stacey Pauwels, vice president. It will also add the Schwab Managed Retirement Income lifecycle funds, increasing the plan's investment options to 17. Previous bundled provider Putnam was terminated; Ms. Pauwels would not say why. Sinead Martin, Putnam spokeswoman, said Putnam is disappointed by the plan's decision. "We hope to have a chance to manage investments for them in the future," she added. The 401(k) plan has $96.2 million in assets, according to Money Market Directory.
Wurtz & Associates assisted.