Putnam Investments has created an application for the iPhone that permits shoppers to find comparable prices to goods at other stores, see the price differential-and immediately direct that savings to their 401(k).

The Putnam PriceCheck & Save iPhone app is available to participants in the 401(k) plans it manages. The application is a result of the $15 million that Putnam has invested over the past three years on new Internet and mobile technologies and is part of the company's "vision for transforming and revolutionizing the participant and plan sponsor experience," said Edmund F. Murphy III, head of defined contribution at Putnam.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.