A majority of MassMutual employees impacted by selling of retirement plan business to Colorado-based Empower Retirement will receive new offers to join the Colorado company.
“MassMutual recently reached a definitive agreement to sell our retirement plan business to Empower, which includes approximately 2,000 employees associated with the business,” Laura Crisco, head of media relations said in a statement to MassLive. “Empower has notified more than 90% of those employees that they will be receiving offers to join Empower when the transaction closes later this year, pending regulatory approvals.”
The Springfield-based insurance giant and Empower Retirement announced in September that Empower has agreed to buy MassMutual’s retirement business for $3.35 billion.
Crisco had said at that time that overall job numbers would change and that the company will assess how that impacts plans to bring jobs to Massachusetts while discussing it with the “appropriate parties.”
About 160 employees are being laid off in the transition, which isn’t happening until the transaction closes later this year.
Those individuals will be receiving severance and outplacement services, as well as transition support, guidance and resources. They can also apply to one of the 250 open positions at MassMutual, the company said.
None of the laid off employees are out of the Springfield office. About 80 are based out of Enfield, Conn. with the rest working remotely.
Empower Retirement is the United States’ second-largest retirement record keeper by total participants, administering $667 billion in assets for more than 9.7 million retirement plan participants as of this summer.
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