A mutual fund from Union Bank of California, a unit of Bank of Tokyo- Mitsubishi Ltd., has been added to the retirement plan for state employees, the Savings Plus program.

The conservative Stepstone Value Momentum Equity Fund will replace Putnam Investments' Growth and Income Fund on Jan. 1.

The Union Bank fund won a five-year contract in a bidding process that compared various funds' performance, price, and service.

The retirement program had $156 million in assets as of July 31.

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