Putnam to manage $98 million DC plan

Putnam Investments of Boston announced today that it has been selected by New England Electrical Workers Money Purchase Plan & Trust to manage its $98 million defined contribution plan.

The plan’s investment offerings include funds from 10 different fund families, as well as some of Putnam’s Retirement Advantage target retirement funds, the firm noted in the announcement.
The plan has more than 2,500 participants based in New England.

Putnam is a leading provider of Taft-Hartley retirement services and serves 85 defined benefit and defined contribution plans with more than 300,000 union members and nearly $10 billion in assets.

The firm had $166 billion in assets under management as of June 30, 2008.