The retirement plan business at what had been Putnam Investments is cutting seventy jobs. The cuts involve the elimination of redundancies due to the merger of the Putnam retirement plan servicing group and Mercer Human Resource Outsourcing, according to a report in the Boston Globe.
Putnam announced last June that it would merge its retirement servicing business -- which includes its 401(k) recordkeeping arm -- with the Mercer unit.
This was part of Putnam's continuing review of its business," a spokeswoman told the paper. She added that most of the jobs handled administrative work for corporate clients. Putnam plans to provide the workers with severance and help in finding new jobs.
The cuts are being made in local offices in Boston, Andover, Franklin, and Norwood. All counted Putnam employs 5,000 people.
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