Home   Description of the Settlement and Distribution   Tax Information   Related Documents   FAQ for 401(k) Plan Sponsors   FAQ for Shareholders   Contact Information	When will 401(k) plans receive distribution payments? Distribution payments for 401(k) plans may start this fall. How will 401(k) plans receive distributions? Payments will be made to the plans, not directly to participants. Plan fiduciaries will be responsible for working with their plan provider to choose the allocation method that is appropriate for their plan. Putnam's Distribution Plan proposes four allocation methods. The Department of Labor has stated in DOL Field Assistance Bulletin 2006-01 that it will view the use of a methodology provided (but not required) under a distribution plan as satisfying ERISA's exclusive benefit and prudence requirements under ERISA Sections 404(a)(1)(A) and (B) with respect to a method for allocating assets to participants and beneficiaries. Plan fiduciaries may allocate the distribution amount pro rata (based on each plan participant's total account balance) among the accounts of all the people who are currently participants in the retirement plan, whether or not they are currently employees. Plan fiduciaries may allocate the distribution amount per capita among the accounts of all people who are currently participants in the retirement plan, whether or not they are current employees. Plan fiduciaries may allocate the distribution amount to the current and former participants in the retirement plan using an algorithm that Putnam will make available, described in Section IV.A. of the Distribution Plan.  This method would require calculation of each 401(k) participant's daily percentage of shares a plan owned in each fund during the distribution period. Administrative costs may be charged if a plan fiduciary selects this method. If none of the above alternatives are administratively feasible, plan fiduciaries may, to the extent permitted by the plan, use the distribution amount to pay reasonable expenses of administering the plan. Will there be significant administrative costs for allocating distribution payments to plan participants? Costs are expected to be minimal depending on the allocation method that is chosen. However, we will continue to review this issue consistent with the distribution plans of others in the industry. Administrative costs may be charged if a plan trustee selects method (3) listed above. What information do I need to provide to receive a distribution payment? Current and former shareholders do not have to provide any information in order to be eligible to receive a distribution payment. Shareholders who held assets in the affected funds during part or all of the affected time period may be eligible to receive a distribution check. It is important to note that the vast majority of shareholders in the affected funds incurred either no losses, or only minimal losses, and therefore will not be entitled to receive any payment. Does the Fund Administrator have a complete list of all eligible investors? Putnam, as the Fund Administrator, has a complete list of eligible direct account shareholders. Final computations of the distribution payments for eligible direct account shareholders are in the process of being completed. In addition, Putnam has requested that each broker-dealer firm provide it with all registration and transaction information needed to determine the eligibility for distribution payments of shareholders invested through Omnibus accounts. What is the process for shareholders to appeal or dispute the distribution? Appeals will be accepted only in cases of failure to execute the Distribution Plan in accordance with its terms for purposes of determining eligibility or mechanical errors in calculating the payment to a recipient. Investors who seek to make such an appeal should submit their appeal, in writing, to the appeal arbiter at the following address: Putnam Fair Fund Appeals Arbiter P.O. Box 990126 Boston, MA 02199-0126 Appeals will be accepted within 60 days from the date that the last batch of checks in the distribution is issued. Please refer to the Related Documents link on this Web site to obtain a copy of the "Putnam Fair Fund Appeal Form" or call the Fair Fund Administrator at 1-800-848-9697. Who do I call if I have a complaint about how my retirement plan fiduciary is handling the distribution? The Distribution Plan requires the plan fiduciaries and intermediaries of retirement plans to distribute the monies received in accordance with their legal, fiduciary, and contractual obligations and consistent with guidance issued by the Department of Labor. Concerns about plan fiduciaries and intermediaries of retirement plans should be directed to the plan fiduciary or intermediary itself, or to the Department of Labor at its help line, (866) 444-EBSA (3272). Is my fund on the list of affected funds? A total of 86 Putnam retail funds were affected by market timing.  A complete list of affected funds (PDF) is available for download, or by contacting Putnam, the Fund Administrator, at (800) 848-9697.