TopSource LLC, Braintree, Mass., named Putnam Investments as its preferred bundled provider of defined contribution services for its 53 member companies in the grocery and retail cooperative.
“We (have) worked with our members to aggregate our collective buying power and deliver measurable savings,” David Picarillo, senior vice president of TopSource, said in a news release issued by Putnam announcing the agreement. “Many of our members are looking to improve the retirement plan they offer their own employees while reducing their overall employee benefit costs.”
In an interview, Mr. Picarillo said Putnam was the preferred choice for TopSource's member companies, which have about $5 billion in combined DC assets. He said member companies still can select their own DC provider, adding that Putnam was chosen to “create a commonality” of DC services for its members.