Union local taps Putnam

Putnam Investments, a money manager with offices in Boston, said today that it was selected by the International Union of Operating Engineers, or IUOE, Local 3, to manage its $200 million defined contribution plan.

Founded in 1896, the IUOE said that today it has 400,000 members in some 170 local unions, including Local 3, throughout the United States and Canada.

Putnam said it provides Taft-Hartley retirement services, including services to more than 85 defined benefit and defined contribution plans that serve more than 300,000 union members with nearly $10 billion dollars of assets.
(By Chris Reidy, Globe staff)