Kentucky Public Employees' Deferred Compensation Authority, Frankfort, removed the Franklin High Income Fund from the lineup of its 457(b) and 401(k) plans, said William C. Biddle, executive director.
The primary reason behind the fund's removal was the concentration of the existing lineup. The Franklin Templeton Investments fund was not being "overly utilized," and the deferred compensation authority felt it could get the appropriate bond exposure with the other existing options and didn't need to keep the Franklin fund in the lineup, Mr. Biddle said.
Assets will be transferred to TCW Group's MetWest Total Return Bond Fund, an existing investment option.
The plans have more than $2.5 billion in assets combined. Some $26 million was invested in the Franklin fund and $35 million in the TCW fund before the transfer.