U.S. Department of Labor regulations under ERISA Section 408(b)(2) require a "covered service provider" to disclose the compensation it receives in connection with providing services to a retirement plan. This disclosure must also include information about the investments offered under the plan. A full description of the regulations, can be found here.
Under a separate but related set of regulations (under ERISA 404a-5), sponsors of participant-directed individual account retirement plans (such as 401(k) plans) must provide detailed information about their plans' provisions and investment options to eligible participants. This information must be provided annually. To assist plan sponsors in understanding their obligations under the regulations, the Department of Labor's Employee Benefits Security Administration (EBSA) has prepared a fact sheet that explains the regulations.
As an industry leader in retirement plan products, Putnam Investments offers services to a variety of retirement plan platforms and arrangements. As such, our status as a "covered service provider" will vary based on the specific platform, and different disclosures will apply. The information below is being provided to comply with ERISA 408(b)(2) and to assist plan sponsors with their obligations under ERISA 404a-5.
Plans utilizing Putnam Prototype Documents 011 or 012 (generally established prior to 1/1/2002) may download the following documents:
For additional assistance, you may contact a Putnam representative at 1-800-662-0019.
The 408(b)(2) Disclosures, Offering Statements, Annual Reports, and Fund Profiles can be found here.
Since Putnam is not a "covered service provider" in its capacity as manager of the Putnam mutual funds, Putnam has not prepared a 408(b)(2) disclosure for the mutual funds. The Guide for Mutual Funds chart, however, is provided to help plans and service providers meet their disclosure obligations under ERISA Section 408(b)(2) or 404a-5.
For additional assistance, please contact a Putnam representative at Plan_Provider_Services@putnam.com.
Several of the 408(b)(2) Disclosures and the Guide for Mutual Funds refer to a "404(a) Mutual Fund Chart" that can be found within the 404(a) Mutual Fund Chart. This chart includes expense ratios, annual returns, and benchmark returns for the Putnam mutual funds, which are updated reasonably promptly after the completion of each calendar quarter. A list of the Putnam mutual funds and their investment information, including performance and fees, can also be found in the section titled "Annual Reports, Prospectuses and SAIs" below.
Several of the 408(b)(2) Disclosures and the Guide for Mutual Funds refer to the fund's prospectus. Annual reports, prospectuses, and statements of additional information (SAIs) for each Putnam mutual fund can be downloaded at Putnam's prospectuses and fund documents page.
The participant disclosure requirements also mandate that participants be provided with a glossary of investment-related terms and definitions to help them understand their plan's investment options. The Investment Company Institute has prepared a glossary, which may be used by plan sponsors free of charge.