Kentucky Deferred Compensation System, Frankfort, will add the American Funds Growth Fund of America as an option in both its 401(k) and 457 plans, which have combined assets of about $1.1 billion, said Robert Brown, executive director. The plans, which mirror each other, will terminate the Putnam Voyager fund and MFS Massachusetts Investors Growth fund, he said, citing both performance issues and market-timing allegations against the two money management firms. Each plan will offer 31 investment options. Nationwide Retirement Solutions assisted.
Separately, plan officials will make tentative recommendations to trustees at a Feb. 23 meeting regarding the plans' search for firms to perform record keeping, investment consulting, marketing and communications services. The contract of Nationwide, which currently handles those duties, expires June 30. The deadline for proposals was Monday.
