The New England Electrical Workers Money Purchase Plan and Trust board of trustees has selected Putnam Investments to manage its $98 million defined contribution plan for more than 2,500 participants.
The Boston investment firm announced the arrangement Tuesday.
The plan's investment offerings include top performing funds from 10 fund families as well as Retirement Advantage target retirement products, Putnam said.
Putnam is a provider of Taft-Hartley retirement products and services, including more than 85 defined benefit and defined contribution plans, serving more than 300,000 union members with nearly $10 billion of assets.
As of June 30, Putnam had $166 billion of assets under management, including $97 billion for mutual fund investors and $69 billion for institutional accounts.
