Pharmaceutical Product Development LLC, Wilmington, N.C., is adding the Wells Fargo stable value fund as an investment option in its 401(k) plan.
The fund replaces the Fixed Fund, Premier Series, managed by Dwight Asset Management, and the change takes effect June 3, according to a notice to participants on the plan's website. Participants in the Dwight fund will be mapped to the new fund. The reason for the change was not provided.
The Pharmaceutical Product Development LLC Retirement Savings Plan had $351 million in assets as of Dec. 31, 2012, according to the company's most recent Form 5500 filing. The plan has 13 investment options and a target-date fund lineup managed by Fidelity Investments. MassMutual Financial is the record keeper.
Ed Murray, senior vice president-human resources, and Randy Buckwalter, spokesman, did not return phone calls by press time.