Two months after American Century and Federated announced their intent to adopt Northwestern Mutual's Mason Street Funds, the insurer has laid out more details on the process for shareholders.

The insurer will cut off new investments to the 11-member fund family after the close of business on March 23, according to a filing with the SEC on Thursday.

Last December, the Milwaukee-based insurer announced plans to sell 10 of Mason Street’s 11 funds to American Century Investments. The Index 400 Stock Fund, meanwhile, will be bought by Federated Investors.

The proposed reorganization will be taken up at a shareholder meeting on March 15.

"In order to facilitate the consummation of the proposed Reorganizations, the Funds will close to new investments, and the exchange feature among the Funds (including the SSgA Money Market Fund) will be terminated," the firm said in the filing. 

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