Reuters America Inc., New York, added the Victory Diversified Stock Fund to replace the Fidelity Growth & Income Fund as an investment option for its $479 million 401(k) plan, said Marco Diaz, director of benefits. Reuters officials replaced the Fidelity fund because of performance, he said. Jenny Engle, spokeswoman for Fidelity, did not return calls by press time for comment.
Officials also added the Fidelity Freedom Funds, replacing Vanguard Group's LifeStrategy Funds. They wanted lifecycle funds as the plan's default option but couldn't use the Vanguard funds because they are risk-based, Mr. Diaz said. He declined further comment.
Putnam is the bundled provider.